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By Pietro Lombardi
ArcelorMittal (MT.AE) said Monday that the Am Investco Italy consortium has sent a termination notice for its Ilva deal to Ilva's commissioners.
Under the terms of the Ilva deal, closed in October last year, Am Investco Italy had the right to withdraw from the agreement if "a new law affects the environmental plan for the Taranto plant so as to materially impair the ability to operate it or to implement its industrial plan," the company said.
"The Italian Parliament has removed the legal protection necessary for the company to implement its environmental plan without the risk of criminal liability, thus justifying the withdrawal notice," it adds.
The company also said that a decision issued by a court in Taranto would affect its ability to implement the industrial plan.
The company asked the commissioners to take over responsibility for operations and employees in a month.
Write to Pietro Lombardi at email@example.com
(END) Dow Jones Newswires
November 04, 2019 08:14 ET (13:14 GMT)
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