Italy’s ilva plant faces future without ArcelorMittal backing

摘要

The future of Italy’s Ilva steel plant is facing renewed uncertainty after ArcelorMittal notified the authorities it was terminating its lease and conditional purchase agreement, according to a company filing. Under the terms of the agreement, Ilva’s extraordinary commissioners will be required to take responsibility for the plant’s operations and employees within 30 days of receipt of the notice of withdrawal and termination. ArcelorMittal cited two reasons for withdrawing from the agreement after it has spent an estimated EUR1.0bn (US$1.1bn) on acquiring the asset.