ArcelorMittal and the Italian government have struck a deal for the former’s Ilva plant—long the source of acrimony between the two parties—in which the latter will make a significant equity investment.
An amended lease and purchase agreement signed by AM InvestCo, ArcelorMittal’s Italian arm, which is receiving investment from state-sponsored entities, and the Ilva Commissioners specifies a new industrial plan for the plant that includes lower-carbon steelmaking technologies. Central to the plan, moreover, is building a new DRI facility that third party investors will operate, and an EAF to be constructed by AM InvestCo.
AM InvestCo and the Ilva Commissioners were slated to meet at the Civil Court of Milan on March 6 regarding the former revoking its notice to withdraw from an original agreement, which it has since revoked. The Commissioners also revoked a request for an injunction.