ArcelorMittal said on Monday it was withdrawing from a deal to buy struggling It...
) said on Monday it was withdrawing from a deal to buy struggling Italian steelmaker Ilva after Rome reneged on a promise to give it immunity from prosecution over its heavily polluting plant.
ArcelorMittal reached a deal last year to buy Ilva, which is based in the southern city of Taranto and employs 8,000 workers in a region with one of the highest unemployment rates in Italy. Thousands more jobs are indirectly tied to the site. “It is not possible to manage the plant without this protection, and it is not possible to expose employees and contractors to potential criminal charges,” Lucia Morselli, the CEO of ArcelorMittal’s Italian unit, wrote in a letter to staff.
A government source said the coalition would not let the plant close, adding that ministers did not believe ArcelorMittal had the right to renounce its contract. Another source said Conte would meet ArcelorMittal management on Tuesday.
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