Italy proposes new plan to rescue ArcelorMittal plant; 8,000 jobs at stake

Italy considers the steel mill a strategic industrial site and faces pressure from unions, which are trying to protect the 8,000 jobs at risk

Italy is negotiating a new plan with ArcelorMittal to save the Taranto steel plant that involves partial state ownership, Prime Minister Giuseppe Conte said on Monday.

"What I can say, without revealing secrets, is that the participation of public companies is anticipated," Conte said at an energy presentation in Rome.

"We are ready to do our part to make this plan more efficient and credible. And make the industrial plan even more sustainable," Conte added.

Last month, ArcelorMittal -- the world's biggest steelmaker -- pulled out of an agreement to buy struggling Italian firm Ilva and said it planned to cut 5,000 jobs