Steel Mills
November 5, 2019
ArcelorMittal Backs Out of Ilva Purchase
Written by Sandy Williams
ArcelorMittal is withdrawing from a deal to acquire the troubled Italian steel plant Ilva after the government removed legal protection for the company while it brings the mill up to environmental standards. On Monday, AM InvestCo Italy sent a notice to Ilva’s commissioners that it will withdraw from or terminate the agreement.
Ruling political party 5-Star Movement said it was unfair to shield the steel plant from criminal charges alleged by residents who have suffered health problems from the heavily polluting steel mill.
