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ArcelorMittal reaches deal with Italian steel unions for Ilva takeover

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ArcelorMittal reaches deal with Italian steel unions for Ilva takeover

ArcelorMittal reached an agreement with Italian steel unions over its planned acquisition of Ilva International SpA, according to a Sept. 6 release.

Italian Deputy Prime Minister Luigi Di Maio said he would no longer oppose the takeover after the accord despite previously claiming the tender for the sale was invalid, Reuters reported the same day.

ArcelorMittal will initially take on 10,700 of Ilva's current 13,500 workers and committed to hiring any employees who remain under the latter's extraordinary administration between 2023 and 2025.

Additionally, the company pledged a €250 million fund to offer layoff incentives to employees and vowed to improve its plan to reduce pollution in Taranto, Italy.

Ilva's workers will vote on the agreement before it is formally ratified. Completion of the proposed acquisition is now expected Nov. 1.

The trade unions had been set for a companywide strike at Ilva on Sept. 11.