Statement Regarding The Crescita Law Decree And Its Potential Implications For Arcelormittal Italia

Date : 06/19/2019 @ 12:31PM
Source : Dow Jones News
Stock : Arcelor Mittal New (MT)
Quote : 17.565  -0.155 (-0.87%) @ 4:19PM

Statement Regarding The Crescita Law Decree And Its Potential Implications For Arcelormittal Italia

Arcelor Mittal (NYSE:MT)
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   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 
not create. 
 
   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. 
 
   ENDS 
 
   About ArcelorMittal 
 
   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 
networks. 
 
   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: 
http://corporate.arcelormittal.com/ 
 
 
 
 
 
 
 
Contact information ArcelorMittal 
 Investor Relations 
 
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 
 Corporate Communications 
 
                                           mailto:press@arcelormittal.com 
  E-mail:                                         press@arcelormittal.com 
                                         -------------------------------- 
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.

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