Steel Mills
ArcelorMittal Wins Bid for Italian Mill Ilva
Written by Sandy Williams
May 29, 2017
ArcelorMittal has won the bidding to take over troubled Italian steel plant Ilva. ArcelorMittal and partner Marcegaglia, an Italian steel processor, offered $2.24 billion for the facility. The two outbid a consortium that included India’s JSW Steel and, Italian specialist steelmaker Arvedi.
The deal still needs to be approved by the Italy’s economic development ministry.
Ilva was taken over by the government in 2013 after previous owners Riva, failed to fix toxic emission violations that contributed to high mortality rates from cancer and respiratory diseases in the Taranto region. In September 2013, nearly $1.3 billion of Riva Group assets were seized in connection with criminal activity associated with environmental disasters at the mill.
Italy is Europe’s largest steel mill with an annual capacity of 11 million tonnes. According to the Financial Times, sources say that ArcelorMittal promised to increase Ilva’s current 6 million tonnes production to 9.5 million tonnes annually, as well as making employment guarantees.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
American mills urge Trump to maintain no exceptions on steel tariffs
"We urge you to resist any requests for exceptions or exclusions and to continue standing strong on behalf of American steel," the companies wrote.
Cliffs CEO touts employee cash bonus for buying US-made vehicles
Cleveland-Cliffs Inc. has introduced a new employee incentive program to promote American-made vehicles, support domestic production, and strengthen US supply chains.
Auction of AHMSA assets is next step in bankruptcy proceedings
An inventory valuation of the assets of Altos Hornos de Mexico SA (AHMSA) has been completed. Local reports suggest an auction for the assets of the bankrupt steel company could come as soon as the end of this month.
US mills increase shipments in January
AISI reported a 4.1% rise in US steel mill shipments from December to January.
Reports: Algoma Steel halts US shipments, plans layoffs in wake of tariff war
Facing an uncertain tariff trade war, Algoma Steel took action this week, halting steel shipments to the US, laying off employees, and prepping for an unknown future, according to local media reports.