ArcelorMittal-Marcegaglia Consortium Submits Offer For Ilva - Quick Facts

(RTTNews) - ArcelorMittal (MT) and Marcegaglia announced they have submitted an offer for the acquisition of Ilva. The companies said the submission of the bid is the first step in a multi-stage process that will see only the environmental part of the offer discussed for the next 120 days. Following this period the government will provide more clarity on the next steps of the offer process.

Geert Van Poelvoorde, CEO, ArcelorMittal Europe Flat Products, said: "ArcelorMittal, together with our partner Marcegaglia, has today submitted our offer for Ilva. We believe Ilva represents a compelling investment opportunity for ArcelorMittal, without compromising our balance sheet strength, as it would extend our leadership position and increase our product offering in Italy, Europe's second largest steel manufacturing and consuming market."

Marcegaglia is the leading industrial group worldwide in the steel processing sector. Fully owned by the Marcegaglia family, the group is headquartered in Gazoldo degli Ippoliti, Mantova. Marcegaglia is the largest independent hot rolled coil consumer in Europe and the historical largest customer of Ilva.