The extraordinary administration appointed for Italian steelmaker Acciaierie d’Italia is ready to deposit €150 million to start maintenance works at the Taranto plant, according to local Italian media.
As SteelOrbis previously reported, the European Union has granted a loan amounting to €320 million for Acciaierie d’Italia to restart operations at Taranto, which should be approved once the industrial plan is presented to Brussels within one month.
On March 25, Italian minister of business and made in Italy, Adolfo Urso, had a meeting with the Italian unions. He explained that, even if the maintenance works are started immediately, they will take at least six to seven months, as blast furnaces 1 and 2 require massive restorations. Thus, the production levels will remain low, at least for now.
“We will need seven months to get back to the steel output of six million mt, but the €150 million is an important step,” Ferdinando Uliano, secretary of the Italian union Fim Cisl, commented.