“We are excited by ILVA’s potential; it is a complementary fit with our existing flat-products business in Europe, provides significant scale, and is strategically well located,” said ArcelorMittal Europe chief executive Aditya Mittal.  

“Combining this with our steelmaking expertise, technological prowess, and the extensive investment commitments we have made will enable us to positively transform ILVA’s performance,” he said. 

ArcelorMittal has promised to invest more than EUR1.2 billion into the operation to catch up on deferred maintenance and to upgrade blast furnaces and steel plants. The company has said the amount includes a reline of the Taranto facility’s No. 5 blast furnace. 

The deal also includes a provision for more than EUR1.15 billion in environmental upgrades. 

“Work has already begun, and, over time, I am confident we will deliver on our vision of transforming ILVA into one of Europe’s leading and responsible steel manufacturers,” Mittal said. 

With the closing of the deal, ArcelorMittal is now calling the operation ArcelorMittal Italia. It will operate as part of its European flat-rolled division. 

“Closing the acquisition of ILVA is an important strategic step for ArcelorMittal. ILVA is a quality asset that provides a unique opportunity to expand and strengthen our European presence by acquiring Europe’s single-largest steelmaking site,” said ArcelorMittal chief executive Lakshmi Mittal.