ArcelorMittal completes transaction to acquire Ilva S.p.A. and launches ArcelorMittal Italia
01 November 2018 - 5:00PM
ArcelorMittal completes transaction to acquire Ilva S.p.A. and
launches ArcelorMittal Italia
1 November 2018 – ArcelorMittal (‘the Company’)
announces that AM Investco Italy Srl (‘AM Investco’)’s transaction
to acquire Ilva S.p.A. (‘Ilva’) has completed today.
ArcelorMittal is the principal partner in AM
Investco with a 94.4 per cent equity stake in the consortium, with
Banca Intesa Sanpaolo holding 5.6 per cent. AM Investco’s lease and
purchase agreement is effective from today (1 November 2018).
Following completion of the transaction,
ArcelorMittal has now assumed full management control of Ilva,
which will form a new business cluster within ArcelorMittal Europe
- Flat Products and be known as ArcelorMittal Italia.
Commenting, Lakshmi Mittal, Chairman and
CEO, ArcelorMittal, said:
“Closing the acquisition of Ilva is an important
strategic step for ArcelorMittal. Ilva is a quality asset that
provides a unique opportunity to expand and strengthen our European
presence by acquiring Europe’s single-largest steelmaking site. It
is a compelling value creation opportunity for ArcelorMittal, that
fits our objective of selectively investing in growth projects
where we can leverage our operating expertise to grow Ebitda and
free cash flow over the long-term.
“We have a strong history of rehabilitating
under-performing assets. I am confident that we will prove
successful in restoring Ilva’s operational, financial and
environmental performance and, in doing so, create value for our
company, Ilva’s stakeholders and the Italian economy.”
Aditya Mittal, Group President and CFO,
and CEO, ArcelorMittal Europe, added:
“It is a great pleasure to welcome Ilva to
ArcelorMittal. We are excited by Ilva’s potential; it is a
complementary fit with our existing flat products business in
Europe, provides significant scale and is strategically well
located. Combining this with our steelmaking expertise,
technological prowess, and the extensive investment commitments we
have made will enable us to positively transform Ilva’s
performance.
“Our environmental, industrial and commercial
business plans detail how we will turnaround the Ilva business. The
cornerstone of our investment commitments is a €1.15 billion
environmental investment programme. Work has already begun, and,
over time, I am confident we will deliver on our vision of
transforming Ilva into one of Europe’s leading and responsible
steel manufacturers.
“Given Ilva’s history it is also critical to
rebuild trust with local stakeholders through open and transparent
dialogue and by demonstrating to them the positive difference that
our significant environmental commitments will bring.”
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 Corporate
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ArcelorMittal Corporate Communications |
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Paul Weigh |
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Richard Farnsworth |
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