• Skip to main content

    CRU

    February 20, 2024

    CRU: Italy to take over ArcelorMittal plant

    Written by Matthew Watkins

    The Italian government says it will appoint commissioners with specific steel-sector expertise in the coming days to assume control of the Taranto works, which is majority owned by ArcelorMittal.

    The financially troubled operation in the country’s south reportedly owes more than $3.2 billion and is unable to pay most suppliers, nor settle its gas and electricity bills. The government has a 38% stake in the plant via state investment agency Invitalia.

    Matthew Watkins

    Read more from Matthew Watkins

    Latest in CRU

    CRU: Global finished steel prices diverge, US the rare bright spot

    CRU: Global finished steel prices have diverged in August, with longs softening while sheet and plate firmed in most regions. Weak construction demand persisted across most longs markets, with the US the notable exception. Higher sheet prices were driven by tightening supply in the US and reduced import attractiveness in Europe, even as APAC sheet prices declined. Plate prices were mostly firmer across APAC, stable to down in Europe, and continued climbing in the US.