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1.Market Observations, 8.Was Sticky

5 June 2018 (AFR) – Italy’s new government faces old European dilemma over jobs

(5 June 2018, AFR, p13, by Chiara Albanese)

‘Smoke drifts across the ancient harbour in Taranto on Italy’s southern coast as fishermen sort their catch against brickwork stained black by decades of pollution. Across the bay, the chimneys of Europe’s biggest steel plant dominate the skyline as its furnaces dominate the local economy. On an average day, the plant churns out 13,000 tons of steel and loses about €1 million ($US1.2 million). Without the €1.8 billion takeover by ArcelorMittal due to be completed on June 30, the state-controlled plant would run out of cash by July, threatening the livelihoods of a quarter of the families in this city of 200,000.’

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