ArcelorMittal Prepared to Sacrifice European Flat-Rolled Units to Acquire ILVA
In a statement, the steelmaker said that in exchange for regulatory clearance
it will agree to sell: ArcelorMittal Piombino, its only galvanized steel plant in Italy; ArcelorMittal Galati in Romania, ArcelorMittal Skopje in Macedonia; ArcelorMittal Ostrava in the Czech Republic; ArcelorMittal Dudelange in Luxembourg; and the No. 4 and No. 5 hot-dipped galvanizing lines at its Flemalle plant in Belgium along with the hot-rolled pickling, cold rolling and tin packaging lines at its Tilleur plant, also in Belgium.
The EU is reviewing whether ArcelorMittal's ILVA acquisition would hinder competition in the hot-rolled, cold-rolled and galvanized flat carbon markets. EU regulators opened a full investigation last fall
after an initial review raised concerns that the acquisition could lead to higher prices for those products in southern Europe.
ArcelorMittal and partner Marcegaglia were announced as the winning bidders for the Italian company last year.