According to the newspaper, the consortium received the nod from ILVA’s three government-appointed administrators, who are overseeing the facility through administration. 

As part of its bid, ArcelorMittal and Marcegaglia have promised to increase production to 9.5 million metric tons of finished goods and invest EUR2.3 billion into the facility on top of the purchase price. 

With the announcement, ArcelorMittal and Marcegaglia seem to have edged out a rival consortium led by India’s JSW Steel, the newspaper said. However, a final decision, which now must be made by the country’s economic development ministry, likely won’t come without union opposition. 

According to the AFP news agency, ArcelorMittal’s plan for Europe’s largest steel works includes a headcount reduction of 41% by 2023.