ArcelorMittal gets its fingers burned in Italy’s Ilva steel mill
The saga may drive international investors away from Italy
LAKSHMI MITTAL has grown his company, ArcelorMittal, the world’s biggest steelmaker, through a series of deals across the world. Some, like the mega-merger in 2006 with Arcelor, then Europe’s largest steel producer, were tough. Perhaps none has given Mr Mittal as much grief as the takeover of a massive steel mill in Taranto, in southern Italy. The bureaucratic and legal troubles, combined with a horrible market for steel, last month led Mr Mittal to walk away from the deal he struck with the Italian government a year ago.
This article appeared in the Business section of the print edition under the headline “Trouble in Taranto”
Business December 7th 2019
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