Former Ilva, 100 million arriving from Sace for production continuity and related credits

For companies of the former Ilva a breath of fresh air is coming. The board of directors of Stealthe insurance-financial group controlled by the Ministry of Economy, has decided to assume a financial guarantee to cover 80 percent of a receivables disinvestment operation claimed by strategic suppliers towards Steel mills of Italy in extraordinary administration. A ceiling of 120 million euros has been set for the operation. The operation – according to what we learn – will contribute to supporting the company’s production continuity and safeguarding workers and strategic related industries.

Acciaierie d’Italia’s debts towards suppliers amount to approximately 120 million. This initiative adds to the two factoring lines opened by the company in recent weeks. With the first line of credit, Sace will guarantee the credits that Acciaierie d’Italia claims from its customers (the so-called active cycle) for a total amount of 100 million euros. The public company will advance payments to Acciaierie d’Italia, which will thus be able to have immediate resources for the most urgent needs. The second line, however, concerns support for the supplier chain (the so-called passive cycle), for an amount of up to 120 million euros. Sace will be able to purchase the credits that suppliers have from Acciaierie d’Italia, to try to meet liquidity needs.

“I, a former employee of the Ilva related industry in Taranto, am a 54-year-old rider: grabbed by the throat by a customer who wanted delivery to the floor”

by Pierfrancesco Albanese

21 March 2024

The intervention was requested the other day by Confindustria Taranto and by the associations of related companies, during the meeting with the government at Palazzo Chigi. “It is not the solution to all problems, but this financing represents a very important step forward,” says Fabio Greco, president of Aigi, one of the steelworks supplier associations. The funds made available by Sace will allow the factories to restart, albeit gradually. The commissioners, in the meantime, work on the industrial plan. This is a necessary step to enable the European Commission to give the green light to the 320 million bridge loan, allocated in the decree recently converted into law by Parliament. Furthermore, as assured by the government the other day, another 150 million will be allocated which will allow maintenance of the plants to be carried out, repeatedly requested by the unions.