Sace, the financial and insurance company controlled by the Italian ministry of economy, has allocated a budget of €120 million to cover Italian steelmaker Acciaierie d’Italia’s debts towards its suppliers, as reported by local Italian media. These funds must be added to another line of credit amounting to €100 million, that Sace opened in the last few weeks in order to meet ADI’s debts towards its clients.
“This is not the ultimate solution, but it’s certainly an important step,” Fabio Greco, president of Aigi, one of the associations of suppliers to the mill, commented.
The aim of this assistance in question is to gradually restore the Taranto plant and allow the European Commission to unlock a €320 million loan for the plant. On top of this, Acciaierie d’Italia can count on a further loan of €150 million granted by the Italian government, as SteelOrbis reported on March 26.
