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ArcelorMittal to sell assets to Liberty House as part of Ilva acquisition

The steel giant said that the closing of the deal with Liberty House, a metals and industrial group with operations covering more than 30 countries, was subject to completion of the Ilva acquisition

Alan Charlish | Reuters 

ArcelorMittal, the world's largest steel producer, has struck a deal to sell its steelmaking facilities in the Czech Republic, Romania, Macedonia and Italy to Liberty House, it said on Friday.

The sales satisfy part of an agreement with the related to ArcelorMittal's

The Commission approved the bid for Europe's biggest by capacity in May after pledged to sell a string of businesses across Europe to address competition concerns.

said talks were ongoing for the sale of Dudelange in Luxembourg and several finishing lines in Liege, Belgium, which were the other assets included in the agreement with the

The steel giant said that the closing of the deal with Liberty House, a metals and industrial group with operations covering more than 30 countries, was subject to completion of the Ilva acquisition.

ALSO READ: ArcelorMittal in talks with lenders on payment of dues as deadline looms

ArcelorMittal signed a preliminary agreement last year to buy Ilva and had been due to take control of the business on July 1, but the deal met with resistance from Italy's new government, which questioned the validity of the deal.

In September, however, the company reached an agreement with trade unions over the deal, prompting Deputy Prime Minister Luigi Di Maio to say he would no longer oppose the takeover.

First Published: Fri, October 12 2018. 14:04 IST
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