ArcelorMittal Buy Ilva

The Italian government is trying to keep the Ilva steel mill alive. They have been looking for a new owner for several years. The problem was the cost of modernization that the plant had to go through in order for it to continue to function. However, the local authorities wanted to close the plant. This is due to its extremely intense emissions of pollutants and the rapid increase in cancer cases reported in its vicinity.

The consortium of ArcelorMittal and Marcegaglia has offered 1.8 billion euros for the takeover of the Italian Ilva plant. He also promises to invest 2.3 billion euros in modernization.

The consortium, which has been named AM Investco Italy, is set to reduce its workforce from the current 14,000 to 8.48 thousand by 2024.

The European Commission has agreed to the acquisition of the Ilva plant in Taranto by a consortium of ArcelorMittal and Marcegaglia. The Commission has adopted a list of properties that ArcelorMittal wants to sell in order to obtain approval from the antitrust authorities.

At the second stage of the work of the European Commission, the plan for the sale of the concern's plants in Italy, Romania, Macedonia, Czech Republic, Luxembourg and Belgium, proposed by ArcelorMittal on April 13, was adopted. The company promises to close the deal as soon as possible.