Following months of unsuccessful talks, the Italian government Monday launched a temporary state takeover of a troubled steel mill that that is majority-owned by steel giant ArcelorMittal, according to sources close to the situation.
The former Ilva steel plant in the southern city of Taranto, in which the state has a minority stake, is on the edge of bankruptcy, with over three billion euros ($3.2 billion) in debt and unable to pay most of its suppliers, nor settle its gas and electricity bills.
