Global steelmaker ArcelorMittal has announced that it has signed a binding agreement with Italy-based state-owned agency Invitalia, forming a public-private partnership which will jointly control troubled Italian steelmaker Ilva. The new agreement paves the way for the Italian state to become the main shareholder of Europe's biggest steel plant.
According to the agreement, the Italian state has assumed a 50 percent share in the management of the Ilva facilities through an investment of €400 million by January 31, 2021. During the second phase, Invitalia’s stake will rise to 60 percent, when the agency will inject another €680 million into the company. ArcelorMittal will also invest up to €70 million, to retain a 40 percent shareholding.
The updated industrial plan involves investment in lower-carbon steelmaking technologies, including the construction of a 2.5 million mt electric arc furnace. The industrial plan, which targets reaching eight million mt of production by 2025, involves a series of public support measures including ongoing government-funded employment support.