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ArcelorMittal received permission to acquire Italian Ilva
ArcelorMittal has received the sign of the European Commission to acquire Italian giant Ilva, Reuters states. In order to prevent ArcelorMittal from gaining strong market power, the company has to divest six production facilities in Europe. The six plants are spread in as many countries.
The acquisition of Ilva and its steelworks in Taranto, Italy, is EUR 1.8 billion, plus an investment commitment from ArcelorMittal's side, amounting to 2.4 billion euros.
With its 11,000 employees and production capacity of six million tons of steel, the steelworks in Taranto is the largest in Europe.