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Italy minister says state-owned Invitalia could take a stake in Ilva

Italy minister says state-owned Invitalia could take a stake in Ilva
FILE PHOTO: Steam comes out of the chimneys of the Ilva steel plant in Taranto, Italy, November 11, 2019. REUTERS/Ciro De Luca -
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Ciro De Luca(Reuters)
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ROME (Reuters) – Italy’s Industry Minister Stefano Patuanelli said on Tuesday that state-owned agency Invitalia could take a stake in Europe’s biggest steel plant Ilva, while state intervention through Cassa Depositi e Prestiti (CDP) was more difficult.

Rome and ArcelorMittal are on the brink of a legal battle as the latter tries to walk away from a 2018 deal to buy the steel plant in the southern city of Taranto, which directly employs around 8,200 workers in one of Italy’s least prosperous areas.

The government is considering becoming an investor in Ilva to avoid the exit of ArcelorMittal and the closure of the plant.

“Economy Minister Gualtieri is working on the issue. After his review he will make a proposal over a possible state intervention,” Patuanelli told a parliamentary hearing.

(Reporting by Angelo Amante, writing by Gianluca Semeraro, Editing by)

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