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
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