It is reported that the Italian steelmaker Riva Steel announced all its production plants, including transport services will cease starting September 12. Ilva, which is part of Riva Steel is not affected by this decision. The Riva family which owns Riva Steel has billions of euros of its assets seized by government which reportedly leads to the economic and operating conditions for the continuation of normal activity by Riva Steel no longer exist. It is reported that the seizure took production plants and cash from Riva Steel, blocking banking activities of the company and preventing the normal cycle of company payments. The Italian financial police on the orders of judge Todisco seized assets and shares worth a total of more than 916 million Euros from 13 companies of Riva Group. The group's management is being investigated for criminal association resulting in corruption and environmental disaster. Riva Steel is reported to be contesting the seizure order.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=66259&division=A9
