A government decree rescuing the insolvent and pollution-plagued Ilva plant based in Taranto in southern Italy has been approved by the Italian parliament. With this decree, the Italian government has temporarily nationalized the loss-making steel plant in the hope of finding a new owner in a few years' time.
Accordingly, Ilva will now receive a loan, secured by the state, of up to €400 million for investments required to clean up the site and for research, development, innovation, training and employment.
The decree also unlocks €1.2 billion belonging to the Riva family which had been frozen when the site was put under special administration.
The Ilva site in Taranto, which employs about 16,000 people, has been under special administration since 2013 when its owners, the Riva family, were accused of failing to prevent toxic emissions from polluting the surrounding area.