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Report: ArcelorMittal, Marcegaglia win race for Italy's Ilva

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Report: ArcelorMittal, Marcegaglia win race for Italy's Ilva

ArcelorMittal and Marcegaglia won a bid to purchase Italian steelmaker Ilva International SpA, Reuters reported May 26, citing a source with knowledge of the matter.

The source noted that the special commissioners handling the Ilva operation accepted the joint bid of just under €2 billion.

A rival consortium, which includes JSW Steel Ltd. and Italian state holding company Cassa Depositi e Prestiti, also submitted a bid for the troubled steelmaker.

Representatives from both ArcelorMittal and Marcegaglia declined to comment.

The state took control of Ilva in 2015 in a bid to clean up the polluted site and save thousands of jobs in an economically depressed area, and has been trying to sell the operations since then.

Italy's industry ministry will be required to issue a decree authorizing the commissioners' decision, and once it is final the environment ministry will then examine the consortium's cleanup plans for the site.

The environment ministry will release its own decree around fall this year, after which the deal will require approval from the European Union.