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ArcelorMittal scraps closure plan at Taranto plant after legal shield restored

ArcelorMittal confirmed Sept. 4 that it will continue operations at its Taranto steel plant in Italy after the government adopted an amended law that restored the company's legal shield over the site.

ArcelorMittal earlier flagged the closure of the plant on Sept. 6, following the removal of the company's legal protections for managers in case of a failed environmental cleanup. As part of its purchase of Ilva International SpA last year, the company agreed to invest €1.1 billion to implement a cleanup program at the plant, which has been blamed for hundreds of cancer-related deaths in the city of Taranto.

The amended law immediately came into effect, although it is still subject to ratification by the Italian parliament within 60 days. ArcelorMittal said it will continue to monitor the situation.