Italy takes over majority-owned ArcelorMittal's troubled Ilva steel plant in Taranto due to financial troubles.
Italy takes over troubled steel mill majority-owned by ArcelorMittal due to financial troubles. The former Ilva steel plant in Taranto is on the edge of bankruptcy with over €3bn in debt, unable to pay most suppliers or settle gas and electricity bills. The Italian government will appoint administrators under "extraordinary administration" to operate and prepare restructuring plans, while seeking new investors.
February 19, 2024
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