4,000 redundancies at ILVA steel plant-Am Investco (3)

Negotiations with unions to start Monday

4,000 redundancies at ILVA steel plant-Am Investco (3)

Rome, October 6 - 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 FIOM engineering union reacted furiously, saying it planned to stage a sit-in at the plant. 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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