The Am InvestCo consortium taking
over the troubled ILVA steel plant in Taranto intends to keep on
almost 10,000 workers and make around 4,000 redundant, according
to a letter sent to unions ahead of the start of negotiations on
Monday.
The AM Investco consortium is formed by world No. 1
ArcelorMittal of India and Marcegaglia of Italy.
A court this year declared ILVA insolvent, with debt totaling
nearly three billion euros.
The Taranto plant, the largest in Europe, is undergoing a
painful restructuring to revamp it and clean it up after years
in which it was linked to high local cancer rates.
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