EU steel giant sold to Arcelor

AN ITALO-Indian consortium led by industry giant ArcelorMittal is set to take over Europe’s biggest steelworks, after the Italian government approved its bid for troubled steel company ILVA. ILVA’s plant in Taranto, southern Italy, can produce up to 8 billion tons of steel per year, but has operated in recent years at less than full capacity and at a loss due to pollutionrelated restrictions. Late on Monday, Italy’s ministry for economic development agreed that the entire ILVA group should be sold to the Am Investco consortium, in which ArcelorMittal has an 85 percent stake, for €1.8 billion (R25.85bn). It was “the best offer,” economic development minister Carlo Calenda told yesterday’s La Repubblica newspaper. – dpa