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ArcelorMittal offers more commitments to Italian government for Ilva takeover

  • Tuesday, July 31, 2018
  • Source:ferro-alloys.com

  • Keywords:ArcelorMittal,commitment, Ilva
[Fellow]ArcelorMittal offers more commitments to Italian government for Ilva takeover

[ferro-alloys.com]The additional measures also include a Eur10 million investment in R&D and cuts to C02 emissions, dust and dioxins.

ArcelorMittal will also invest Eur1 million annually over five years to support the local community.

 

"The critical element is implementation: the sooner we can begin implementing these initiatives the sooner we will deliver the improvements that are required by the Ilva business and its stakeholders," said Geert Van Poelvoorde, CEO of ArcelorMittal Europe Flat Products. "We remain optimistic about progressing the final stages of the transaction, including the successful conclusion to negotiations with Ilva's unions, and to completing the acquisition as soon as possible."

ArcelorMittal signed the lease and purchase agreement to buy Ilva in June 2017, but the Five Star Movement -- part of the new Italian government -- was an avid opponent of the deal during elections this March. The government started an investigation into the tender process last week after the after the Italian anti-corruption body Anac sent its investigation report back regarding the sale of Ilva.

ArcelorMittal's initial plan was to spend Eur2.3 billion ($2.7 billion) to boost the steelmaker's safety conditions and to curb pollution, while cutting 4,000 out of 14,000 jobs. Ilva currently produces 12,000-13,000 mt/d of crude steel using three operating blast furnaces (out of five total).

ArcelorMittal said it plans to raise Ilva's output to 6 million mt/year of crude steel, up from 4.5 million mt currently, and to gradually increase annual production to 7 million mt/year.

  • [Editor:王可]

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