Italy takes control of the Ilva steelworks

The Italian government has taken full control of the controversial Ilva steelworks, which is one of the country's main steel producers. The government hopes to keep the plant. Federica Guidi, the country's industry minister, signed a document on the status of a steel mill, which is considered the main employer in southern Italy. The government will intervene in the management of the largest steel mill in Europe in an attempt to reform its business.

The company has been operating under the command of the government since 2013 when the company was accused of emitting toxic gases at its main plant located in Taranto in southern Italy. A commissioner was appointed to manage. The government wants to "expedite the creation of a new company" to put Ylva on his feet for resale. For this, frozen assets must be released, which will be able to cover the "huge" costs of eliminating the consequences of the plant's activities.

Arcelor Mittal, the world's largest steelmaker, made an offer to acquire the steel company last year, along with Italian steelmaker Marcegaglia and another steelmaker, Arvedi, based in Italy.

After the three proposals were made, the government announced that it plans to sell the steel division within three or four years. In Europe, Italy is the second largest steel producing country after Germany, but at the same time, the country is more dependent on a 20-25 percent decline in EU steel demand after the 2008 financial crisis than Germany.