ArcelorMittal pulls management team out of Italy
The management team at the ex-Ilva assets, appointed by Luxembourg-based steelmaker ArcelorMittal, has been changed today, sources said.
Market participants interpret the move as a step closer to the company's exit of the Italian market, as employees appointed by ArcelorMittal after it took control of Ilva in 2018 are stepping down to return to other operations.
But a spokesperson for the company said it "remains in negotiations with the Italian government and is focused on finding a solution for a sustainable future for steelmaking in Taranto."
The government and ArcelorMittal were previously required to reach an agreement by the end of January, but sources say this is increasingly unlikely to happen. The deadline is now being pushed to 7 February, but a meeting scheduled between the Italian Prime Minister and ArcelorMittal owner Lakshmi Mittal at the 24-25 January World Economic Forum in Davos was cancelled.
Expectations are that the producer will go through with its plan to leave the investment in Italy, which market participants speculate would see output at Ilva plummet, as the government regains control over operations.
By Lora Stoyanova
source: Argus Media
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Mercuria eyes equity in African assets, new metals boss says
Glencore posts lower metals output for first nine months, reiterates outlook
Gold price surge adds glitter to tarnished miners
Traders see gold as a surefire bet as coin-toss election looms
Anglo American sells Australian coal JV stake for $1.1 billion
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years