6 September 2018 - ArcelorMittal
(the Company) announces that it has today reached a provisional
labour agreement with Ilva's trade unions. The agreement is an
important milestone in AM Investco Italy Srl (AM Investco)'s
proposed acquisition of Ilva S.p.A (Ilva).
The key terms of the provisional
agreement are as follows:
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The labour agreement details a solution for
every member of Ilva's existing workforce.
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ArcelorMittal has committed to initially hire
10,700 workers based on their existing contractual terms of
employment.
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In addition, between 2023 and 2025 ArcelorMittal
has committed to hire any workers who remain under Ilva's
extraordinary administration.
The agreement will now be voted on by Ilva's employees before being
formally ratified.
Commenting, Geert
Van Poelvoorde, CEO of ArcelorMittal Europe Flat Products,
said:
"The agreement we
have reached with Ilva's unions meets the two major objectives we
set out at the start of negotiations: to find an acceptable
solution for every employee at Ilva; and to reach an agreement that
reflects Ilva's economic reality and provides a sound base for it
to have a sustainable future. I would like to thank the Minister of
Economic Development for his support and also the union
representatives with whom we engaged during these discussions. They
are a very important stakeholder and we will work to maintain a
positive and constructive dialogue with them in the
future."
Aditya Mittal,
ArcelorMittal Group President and CFO, and CEO, ArcelorMittal
Europe, added:
"I would also
like to express my gratitude to everyone who worked with such
commitment to reach today's agreement and in particular Minister di
Maio. There is now a clear path towards closing the transaction and
starting the important work of rehabilitating Ilva. We are keen to
get started as soon as possible as Ilva requires urgent investment
to address its environmental and operational challenges. Once we
formally take ownership of Ilva, our priority will be to ensure
operational stability, while also starting to implement our
significant, €2.4 billion investment programmes. This comprises
both our industrial plan and the environmental plan which has been
further strengthened during our discussions with the acceleration
of key projects.
"Ilva is an
important strategic opportunity for ArcelorMittal. We are confident
that under our stewardship it can have a strong future, make an
important contribution to the communities in which it operates and
once again be recognised as a competitive and leading player in the
European steel industry."
Legal completion of the
transaction and formal commencement of AM Investco's lease and
purchase agreement for Ilva is now expected on 1 November 2018.
ENDS
About ArcelorMittal
ArcelorMittal is
the world's leading steel and mining company, with a presence in 60
countries and an industrial footprint in 18 countries. Guided by a
philosophy to produce safe, sustainable steel, we are the leading
supplier of quality steel in the major global steel markets
including automotive, construction, household appliances and
packaging, with world-class research and development and
outstanding distribution networks.
Through our core
values of sustainability, quality and leadership, we operate
responsibly with respect to the health, safety and wellbeing of our
employees, contractors and the communities in which we
operate.
For us, steel is
the fabric of life, as it is at the heart of the modern world from
railways to cars and washing machines. We are actively researching
and producing steel-based technologies and solutions that make many
of the products and components people use in
their everyday lives more energy
efficient.
We are one of the
world's five largest producers of iron ore and metallurgical coal.
With a geographically diversified portfolio of iron ore and coal
assets, we are strategically positioned to serve our network of
steel plants and the external global market. While our steel
operations are important customers, our supply to the external
market is increasing as we grow.
In 2017,
ArcelorMittal had revenues of $68.7 billion and crude steel
production of 93.1 million metric tonnes, while own iron ore
production reached 57.4 million metric tonnes.
ArcelorMittal is
listed on the stock exchanges of New York (MT), Amsterdam (MT),
Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of
Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com/
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Contact information ArcelorMittal Investor
Relations |
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Europe |
+44 20 7543 1156 |
Americas |
+1 312 899 3985 |
Retail |
+44 20 7543 1156 |
SRI |
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Bonds/Credit |
+33 171 921 026 |
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Contact information ArcelorMittal Corporate
Communications |
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press@arcelormittal.com |
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+442076297988 |
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ArcelorMittal Corporate
Communications |
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Paul Weigh |
+44 20 3214 2419 |
Richard Farnsworth |
+44 20 3214 2882 |
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