ArcelorMittal lawyer Ferdinando Emanuele and Ilva CommissionerThe lawyer Enrico Castellani told Reuters that the agreement would be signed on Wednesday and that both sides would ask the Milan court to drop both appeals. ArcelorMittal is listed on the New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and Spanish stock exchanges in Barcelona, Bilbao, Madrid and Valencia (MTS). For more information on ArcelorMittal, please visit: corporate.arcelormittal.com/ The agreement offers a respite from the four-month dispute that threatened ArcelorMittal to return Ilva to the government after disagreements over the rescue plans for the facility, which lost 2 million euros ($2.2 million) a day last year. ArcelorMittal will hold a conference call on Monday, June 19 at 3:30 p.m. UK time (2:30 p.m. BRITISH time and 9:30 a.m. U.S. Eastern Time), to be hosted by Lakshmi N. Mittal, President and CEO, and Aditya Mittal, CEO of ArcelorMittal Europe and Cfo of the group. The dial in numbers are: The world`s largest steel company ArcelorMittal announced that its subsidiary, InvestCo AM and members of the Commission, Italy`s steel complex ILVA signed an agreement on Wednesday on modifications to the initial lease and the purchase of the plant in Taranto. “The dismantling would prevent the company from implementing its industrial plan, operating the Taranto plant and, in general, complying with the agreement,” ArcelorMittal said. Industry Minister Stefano Patuanelli cited a crisis meeting with fellow ministers in Rome, where sources said the government “would not allow the ilvas closure” and that ArcelorMittal would “immediately charge in the capital.” “The modifier agreement sets out the conditions for a significant investment by state-subsidized Italian companies in AM InvestCo, which forms the basis of an important new partnership between ArcelorMittal and the Italian government.
The Italian government`s participation in Ilva, which will be included in an agreement to be implemented by 30 November 2020, will at least correspond to AM InvestCo`s remaining commitments in relation to Ilva`s initial purchase price,” ArcelorMittal said in a statement to Kallanish. The agreement is subject to certain conditions, including information and consultation requirements, and will enter into force. The actual sale and payment of the full purchase price are subject to the cancellation of the seizures of certain Ilva assets by the Taranto court. The sale of the asset and the payment of the purchase price take place on the date of the conclusion of the two-year lease period and the cancellation of the seizure of certain assets by the Taranto court. The closing of transactions is also subject to approval by the EU Merger Regulation. But a law change removed ArcelorMittal`s legal protection in the implementation of the environmental remediation plan and said last November that it wanted to withdraw from the agreement in November 2020, costing it 500 million euros. The final lease and sale agreement is scheduled for May 2022. ArcelorMittal has reached an agreement with the Italian authorities on the future of the former Ilva Group, which has changed the existing lease and sale contract.
The new resolution puts an end to both the ongoing legal proceedings and the possibility for ArcelorMittal to immediately end its control over the integrated Italian steelmaker. ArcelorMittal has agreed to buy the company – Europe`s largest steel company at a site called ilva in 2018 – as part of a lease and sale contract for 1.8 billion euros ($2.1 billion) and to invest an additional 2.4 billion euros in the rehabilitation and modernization of the plant plagued by environmental problems. Local unions confirm that the agreement has been signed and have expressed concern about the agreement on many issues. These include the number of employees to be retained and the industrial plan, which is not yet entirely clear, according to the unions.