Lossmaking Italian flat steel producer Ilva is at risk of being closed down because it will run out of funds in September this year unless the country's government speeds up its sale process, according to trade union Uilm.
The company has been losing ?,?30 million ($35 million) per month and at the moment its funds only total around ?,?60 million, Uilm added."This means that, in mid-September, the money is destined to end, and if the state wants to put more money into Ilva, [the European Union] would not allow it. And the mill will become insolvent," Uilm said."The company has certain funds today, but our understanding...