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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