Italy to Inject €150 Million Into Struggling Ilva Steelworks

(Bloomberg) -- Italy’s cabinet approved a €150 million financial package for the country’s biggest steelworks after putting the embattled business into state-led administration earlier this year.

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Italy has been trying to find ways to rescue Acciaierie d’Italia, formerly known as Ilva, which has struggled because of high energy costs and weak demand. The latest intervention is intended to ensure “operative and labor continuity” because “previous proprietors did not fulfil” their obligations, the government said in a statement late Monday.

Prime Minister Giorgia Meloni’s administration had been in preliminary talks with domestic, Ukrainian and Indian investors for a bid to rescue the steelmaker, Bloomberg reported in February.

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