ArcelorMittal will not reverse Ilva decision - source

ROME (Reuters) - Steelmaker ArcelorMittal will not reverse its decision to withdraw from a deal to buy Italian steelmaker Ilva regardless of government efforts to salvage the accord, a source close to the matter said on Tuesday. ArcelorMittal announced on Monday it was pulling out of the deal, accusing the Italian government of reneging on a promise to give it immunity from prosecution over a heavily polluting plant in the southern city of Taranto. Italy's industry minister said earlier the government might draw up a new norm clarifying the legal protection already in place for the steel firm, but the source said this would not suffice.

Reuters November 06, 2019 01:06:41 IST
ArcelorMittal will not reverse Ilva decision - source

ArcelorMittal will not reverse Ilva decision  source

ROME (Reuters) - Steelmaker ArcelorMittal will not reverse its decision to withdraw from a deal to buy Italian steelmaker Ilva regardless of government efforts to salvage the accord, a source close to the matter said on Tuesday.

ArcelorMittal announced on Monday it was pulling out of the deal, accusing the Italian government of reneging on a promise to give it immunity from prosecution over a heavily polluting plant in the southern city of Taranto.

Italy's industry minister said earlier the government might draw up a new norm clarifying the legal protection already in place for the steel firm, but the source said this would not suffice. "Yesterday's letter was final, not the beginning of a negotiation," the source said.

(Reporting by Crispian Balmer; Editing by Chris Reese)

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