August 1, 2018 / 4:44 PM / in 3 months

Italy's Ilva steelworks to run out of cash in Sept: commissioners

ROME (Reuters) - Italian steelmaker Ilva, which is in state-supervised special administration, has enough money in its coffers to keep going until next month, its commissioners told parliament on Wednesday.

A worker from ILVA steel plant protests against the plant's possible closure and job cuts, on the west highway in Genoa, November 27, 2012. REUTERS/Alessandro Garofalo/File Photo

Steel giant ArcelorMittal agreed last year to buy Ilva, Europe’s largest steelworks, and had been due to take it over on July 1, but the transfer was delayed and the newly installed government has called on the firm to improve its takeover offer.

At the same time, the government has asked for a review to see if the original tender for Ilva was legal.

However, the commissioners tasked with running Ilva told parliament on Wednesday that time was running out for the company without a fresh injection of capital.

“Our financial forecast estimates that cash will run out in September 2018”, said a slide shown to a parliamentary committee.

It said 41 million euros ($48 million) would be needed in October, with this figure rising to 81 million in November and 132 million by the end of 2018.

($1 = 0.8569 euros)

Reporting by Alberto Sisto; Writing by Crispian Balmer

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