The Government has decided to grant aid of 34.5 million to Ferroatlántica, a company linked to the Villar Mir group, a family of industrialists highly criticized until now by PSOE and Podemos.

According to an official statement from the State Company for Industrial Holdings, the Governing Council made up of senior government officials has given the green light to this new operation of the so-called Solvency Support Fund for Strategic Companies.

According to Sepi itself, "Ferroatlántica is a 100% subsidiary of Ferroglobe", the company chaired

by Javier López Madrid

, son-in-law of

Juan Miguel Villar Mir

.

It is not among its main rescue operations, but the fact that it is authorized by the coalition government is a boost for López Madrid and Villar Mir after the strong criticism they have received in recent years by socialists and Podemos for alleged involvement in the financing irregular Popular Party in the past.

According to Sepi,

"the aid of 34.5 million euros to the Ferroatlántica Group will be channeled through the granting of a participating loan amounting to 17.6 million euros

and another ordinary loan of 16.9 million euros".

It ensures that the decision is made "

after an exhaustive and rigorous process of analyzing the economic

and legal situation of the company, the impact it has suffered from COVID, the viability plan presented by the Ferroatlántica Group, as well as the prospects of evolution and of the guarantees provided to ensure the return of the temporary public financial support that it is going to receive".

Ferroglobe and Ferroatlántica are among Villar Mir's main industrial achievements as they are world leaders in their specialty.

"

It is one of the world's largest producers of silicon metal and

silicon and manganese-based ferroalloys, serving a worldwide customer base in fast-growing and dynamic markets such as solar, automotive, consumer products, technology, construction and energy", recalls Sepi.

"Its industrial activity ranges from the extraction of quartz ore in the two mines it has in A Coruña, to the manufacture and sale of silicon metal and ferroalloys that are produced in its Spanish plants," he adds.

Sepi also highlights that Ferroatlántica "

has notable roots in the territories where it is established and, employment and its impact on regional economies give it a strategic character

".

"The group's factories in Spain are committed, with the support of its research center located in Arteixo, to innovative projects in the development of advanced and sustainable technologies".

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  • Juan Miguel Villar Mir

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