Statement regarding the Crescita law decree and its potential implications for ArcelorMittal Italia
June 19 2019 - 08:00AM
Statement regarding the Crescita law decree and its potential
implications for ArcelorMittal Italia
19 June 2019, 14:00 CET
ArcelorMittal confirms that its Italian subsidiary
(ArcelorMittal Italia “AMI”) has highlighted to the
Italian government its concerns about the current text of
the Crescita law decree. If ratified as currently drafted, the
provision concerning the Taranto plant would impair any operator’s
ability to operate the plant while implementing the environmental
plan approved by the Italian Government in September 2017,
including for ArcelorMittal. The Taranto plant has been under
seizure since 2012 and cannot be operated without legal protection
until the environmental plan is implemented.
The 2017 environmental plan is designed to address the Taranto
plant’s long-standing issues and transform it into a
state-of-the-art European steel facility by applying best available
techniques, with an overall environmental investment by AMI of over
€1.15 billion. The implementation of the agreed plan is proceeding
according to schedule.
However, the Crescita law decree removes the legal safeguards
existing when ArcelorMittal agreed to invest in the Taranto plant.
These safeguards are necessary until the company has completed the
environmental plan to avoid incurring liability for issues that it
did not create.
The law decree is to be ratified into law by 29th
June. AMI remains hopeful that, as part of the amendment
process, legal certainty will be restored in the interest of the
Italian economy and of the stakeholders of ArcelorMittal
Italia, enabling AMI to continue to operate of the plant while
completing the environmental requalification plan.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and
mining company, with a presence in 60 countries and an industrial
footprint in 19 countries. Guided by a philosophy to produce safe,
sustainable steel, we are the leading supplier of quality steel in
the major global steel markets including automotive, construction,
household appliances and packaging, with world-class research and
development and outstanding distribution networks.
Through our core values of sustainability,
quality and leadership, we operate responsibly with respect to the
health, safety and wellbeing of our employees, contractors and the
communities in which we operate.
For us, steel is the fabric of life, as it is at
the heart of the modern world from railways to cars and washing
machines. We are actively researching and producing steel-based
technologies and solutions that make many of the products and
components people use in their everyday lives more energy
efficient.
We are one of the world’s five largest producers
of iron ore and metallurgical coal. With a geographically
diversified portfolio of iron ore and coal assets, we are
strategically positioned to serve our network of steel plants and
the external global market. While our steel operations are
important customers, our supply to the external market is
increasing as we grow.
In 2018, ArcelorMittal had revenues of $76.0
billion and crude steel production of 92.5 million metric tonnes,
while own iron ore production reached 58.5 million metric
tonnes.
ArcelorMittal is listed on the stock exchanges
of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and
on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and
Valencia (MTS). For more information about ArcelorMittal please
visit:
http://corporate.arcelormittal.com/
|
|
Contact information ArcelorMittal Investor
Relations |
|
|
|
Europe |
+44 20 7543 1156 |
Americas |
+1 312 899 3985 |
Retail |
+44 20 7543 1156 |
SRI |
+44 20 7543 1156 |
Bonds/Credit |
+33 171 921 026 |
|
|
|
|
Contact information ArcelorMittal Corporate
Communications |
|
E-mail: |
press@arcelormittal.com |
Phone: |
+4420 7629 7988 |
|
|
|
|
|
|
ArcelorMittal Corporate Communications Paul
Weigh |
+44 20 3214 2419 |
|
|
|
|
ArcelorMittal (EU:MT)
Historical Stock Chart
From Feb 2024 to Mar 2024
ArcelorMittal (EU:MT)
Historical Stock Chart
From Mar 2023 to Mar 2024