India, Feb. 10 -- The European Commission has approved, under EU State aid rules, a rescue loan of up to €390 million to Acciaierie d'Italia ('AdI', formerly ILVA), Italy's main integrated steel producer. The measure aims to ensure that AdI can cover its operating costs until the business is transferred to a new operator that will be selected in tender procedure that is currently ongoing.
The Italian rescue loan
AdI is Italy's main integrated steel producer, with eight different production and servicing sites. The largest of these is the integrated steel plant in Taranto. The company employs around 10,000 people. The Taranto plant occupies an area of 15 million square meters, is staffed with around 8,000 workers and has a production...