The struggling former ILVA steelworks
in Taranto now called Acciaierie d'Italia (ADI) is not providing
the information needed for state insurance-financial company
SACE and Mediocredito Centrale (MCC), a bank owned by state
investment agency Invitalia, to implement rescue measures for
small and medium enterprises operating in the supply chain under
the terms of a recent government decree, sources said on
Tuesday.
On January 31 the cabinet approved an emergency decree
containing a set of measures to save creditors impacted by the
economic crisis at southern Italy's biggest single employer
directly and indirectly, which is set to go into special
administration after the majority stakeholder, multinational
steel manufacturer ArcelorMittal, refused to put up more funds.
The package includes, among other things, privileged access for
companies in the supply chain to the SME Guarantee Fund,
intervention to contain interest rates on loans and the purchase
by MCC of certified credit at market conditions, with SACE
offering financial guarantees of up to 150 million euro.
Unions are calling for the government, which currently owns 38%
of ADI through Invitalia, to ensure continuity at the plant
while its future is worked out.
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