EU steel gi­ant sold to Arcelor

The Star Early Edition - - INTERNATIONAL -

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

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