Largest steelmaking company of world ArcelorMittal announced that its subsidiary, InvestCo AM and members of the Commission, Italy's steel complex ILVA signed Wednesday an agreement on amendments to the original lease agreement and the purchase of the plant in Taranto.
the text sets forth the conditions of significant investments of Italian companies, state-sponsored to AM InvestCo, which creates a basis for "an important new partnership between ArcelorMittal and the government of Italy", the company said Lakshmi Mittal.
Investments of the government of Italy share capital ILVA will be at least equal to other commitments AM InvestCo in relation to the original purchase price and will be made until November 30, 2020.
an Agreement on modification is built around a new industrial plan for ILVA that invest in the production technology of steel with low emissions CO2.
if the investment agreement is not executed until November 30, 2020, AM InvestCo has the right to withdrawal is subject to the agreed payment said in ArcelorMittal.
Final closure transaction, in sale ILVA currently scheduled for may 2022, subject to the government of Italy its investment obligations, the withdrawal of all criminal confiscations at the plant in Taranto and restrictive measures in the context of criminal proceedings, in which ILVA is the accused, in respect of AM InvestCo.
