Italy plans to inject up to 1 billion euros ($1.02 billion) into
one of the largest steel plants in Europe to help it cope with soaring energy
prices, a draft government decree seen by Reuters showed.
Italy
plans to inject up to 1 billion euros ($1.02 billion) into one of the largest
steel plants in Europe to help it
cope with soaring energy prices, a draft government decree seen by Reuters
showed. Geopolitical tensions stemming from Russia's invasion of Ukraine have propelled gas prices to
historic highs, adding to supply-chain issues and environmental problems for
plant owners Acciaierie d'Italia, formerly known as Ilva.
The group, whose main plant is in the
southern Italian city of
Taranto, is 38% controlled by state-owned agency Invitalia and 62% by the world's second largest
steelmaker ArcelorMittal .
Under the scheme, to be approved by the cabinet later on Thursday as part of a
broader package aimed at shielding firms and families from surging energy costs, Invitalia can inject fresh capital for
the plant with "a total amount not exceeding 1 billion euros."
($1 = 0.9815 euros)
(This story has not been edited by
Devdiscourse staff and is auto-generated from a syndicated feed.)