Steel News

ArcelorMittal Begins Ilva Exit

11/14/2019 - ArcelorMittal has begun the effort to withdraw from its acquisition of Italy’s Ilva steel works, filing suit in a Milan court, reports the Italian news service ANSA.

According to ANSA, the suit was filed this week and was to have been assigned Wednesday. 

ArcelorMittal announced last week that it intended to hand back the keys to the business to the Italian government, saying it could not feasibly operate the plant and execute its environmental plans without protections from criminal liabilities tied to the plant’s environmental issues. 

The protections, which were extended when ArcelorMittal agreed to buy the facility, were rescinded by the Italian parliament. Italy Prime Minister said his government would consider re-instating protections if ArcelorMittal was to reconsider its decision.