🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Italy delays planned handover of Ilva steel plant to ArcelorMittal

Published 06/27/2018, 10:33 AM
© Reuters.  Italy delays planned handover of Ilva steel plant to ArcelorMittal
MT
-
  • Italy's government postpones its planned handover of the Ilva steel plant, Europe's largest, to ArcelorMittal (MT -0.2%) to mid-September, as it seeks more time to adjust the terms of the deal.
  • MT agreed last year to buy and fix the heavily polluting plant, which has been under state-supervised special administration since 2015 after magistrates said it must be cleaned up or closed; the company was due to take over Ilva on July 1, but the Industry Minister - whose party has long favored closing the plant - now says the handover will be delayed.
  • MT has said it wanted to cut 5,500 jobs out of 14K total at the plant by 2023 but has not reached an agreement; a delay could help it find a compromise with the government's help, Reuters reports.
  • Now read: Sierra Metals Is Heading In The Right Direction


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.