Arcelor Mittal (NYSE:MT)
Historical Stock Chart
6 Months : From Jun 2019 to Dec 2019
19 June 2019, 14:00 CET
ArcelorMittal confirms that its Italian subsidiary (ArcelorMittal Italia
"AMI") has highlighted to the Italian government its concerns about the
current text of the Crescita law decree. If ratified as currently
drafted, the provision concerning the Taranto plant would impair any
operator's ability to operate the plant while implementing the
environmental plan approved by the Italian Government in September 2017,
including for ArcelorMittal. The Taranto plant has been under seizure
since 2012 and cannot be operated without legal protection until the
environmental plan is implemented.
The 2017 environmental plan is designed to address the Taranto plant's
long-standing issues and transform it into a state-of-the-art European
steel facility by applying best available techniques, with an overall
environmental investment by AMI of over EUR1.15 billion. The
implementation of the agreed plan is proceeding according to schedule.
However, the Crescita law decree removes the legal safeguards existing
when ArcelorMittal agreed to invest in the Taranto plant. These
safeguards are necessary until the company has completed the
environmental plan to avoid incurring liability for issues that it did
The law decree is to be ratified into law by 29th June. AMI remains
hopeful that, as part of the amendment process, legal certainty will be
restored in the interest of the Italian economy and of the stakeholders
of ArcelorMittal Italia, enabling AMI to continue to operate of the
plant while completing the environmental requalification plan.
ArcelorMittal is the world's leading steel and mining company, with a
presence in 60 countries and an industrial footprint in 19 countries.
Guided by a philosophy to produce safe, sustainable steel, we are the
leading supplier of quality steel in the major global steel markets
including automotive, construction, household appliances and packaging,
with world-class research and development and outstanding distribution
Through our core values of sustainability, quality and leadership, we
operate responsibly with respect to the health, safety and wellbeing of
our employees, contractors and the communities in which we operate.
For us, steel is the fabric of life, as it is at the heart of the modern
world from railways to cars and washing machines. We are actively
researching and producing steel-based technologies and solutions that
make many of the products and components people use in their everyday
lives more energy efficient.
We are one of the world's five largest producers of iron ore and
metallurgical coal. With a geographically diversified portfolio of iron
ore and coal assets, we are strategically positioned to serve our
network of steel plants and the external global market. While our steel
operations are important customers, our supply to the external market is
increasing as we grow.
In 2018, ArcelorMittal had revenues of $76.0 billion and crude steel
production of 92.5 million metric tonnes, while own iron ore production
reached 58.5 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock
exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
Contact information ArcelorMittal
Europe +44 20 7543 1156
Americas +1 312 899 3985
Retail +44 20 7543 1156
SRI +44 20 7543 1156
Bonds/Credit +33 171 921 026
Contact information ArcelorMittal
Phone: +4420 7629 7988
ArcelorMittal Corporate Communications
Paul Weigh +44 20 3214 2419
(END) Dow Jones Newswires
June 19, 2019 08:16 ET (12:16 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.