Ilva Steel Plant Suspends 2020 Financial Report, Messaggero Says

(Bloomberg) --

The Ilva steel plant in Taranto, now known as Acciaierie d’Italia, has suspended approval of its 2020 financial report pending a court ruling over whether part of its operations need to be halted, Messaggero reported, without saying how it obtained the information.

The southern Italian steel mill, one of the largest industrial hubs in the country, has been financially struggling for decades and is currently controlled by investment agency Invitalia, which has announced a 60% stake purchase in it from ArcelorMittal SA.

Last month, Invitalia announced a 400 million-euro ($488 million) capital increase to revamp the facility. A court ruling is expected to determine whether or not the plant’s hot working area will be able to continue operations.

©2021 Bloomberg L.P.