ArcelorMittal Reaches New Deal on ILVA Steel Works
In an announcement Wednesday, ArcelorMittal said the revised deal will keep it invested in the facility, but with new equity investment from Italian government. The investment will be at least equal to the remaining liabilities against the original purchase price for ILVA, ArcelorMittal said.
The agreement also lays out a new strategy for the facility, one that involves investment in lower-carbon steelmaking technologies.
At the core of the strategy is construction of a direct-reduction ironmaking facility to be funded and operated by third-party investors and an EAF to be built by ArcelorMittal and its partners.
The equity investment from the government is to be finalized by 30 November. If an agreement isn’t executed by then, ArcelorMittal has the right to withdraw, it said.