Steel Mills

ArcelorMittal Green-Lighted for Ilva Acquisition

Written by Sandy Williams

Italian steel mill Ilva will finally have a new owner. The European Commission has granted approval for the acquisition by global steel producer ArcelorMittal.

“EC merger clearance follows the conclusion of the Commission’s Phase II investigation into the proposed acquisition of Ilva, and has been granted on the basis that the Company has committed to dispose of assets in Italy, Romania, Macedonia, Czech Republic, Luxembourg and Belgium, as previously announced on 13 April 2018,” said the company in a statement on May 5.

“Approval by the EC is a significant milestone in the transaction to acquire Ilva and represents a major step towards closing the deal, which is now expected to occur as soon as possible.”

The Commission’s investigation into the acquisition focused on competition concerns.

“Today’s decision makes sure that ArcelorMittal’s acquisition of Ilva, creating by far the largest steelmaker in Europe, does not result in higher steel prices, at the expense of European industries, the millions of people they employ and consumers,” said European Competition Commissioner Margrethe Vestager.

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