ArcelorMittal and Marcegaglia submit offer to acquire Ilva
(Thomson Reuters ONE) -
ArcelorMittal S.A. /
ArcelorMittal and Marcegaglia submit offer to acquire Ilva
. Processed and transmitted by NASDAQ OMX Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
30 June 2016 - ArcelorMittal and Marcegaglia today announce they have submitted
an offer for the acquisition of Ilva.
The offer details the consortium's industrial and environmental plans for Ilva,
outlining:
* A commitment to improving Ilva's environmental performance, through the
installation of best available technology, bringing Ilva in-line with
European environmental standards and legislation;
* The intention to increase Ilva's primary utilisation rate, with crude steel
production rising from the current level of c. 4.8 million tonnes per annum,
to over 6 million tonnes per annum by 2020, and to maintain the operation of
a minimum of three blast furnaces;
* A major capital expenditure programme aimed at enhancing Ilva's asset
capabilities, increasing productivity levels and improving health and safety
performance;
* The introduction on new, innovative steel grades, facilitating an increase
in the proportion of high value-added steel products in Ilva's product mix;
* A commitment to guaranteeing employment at industry best practice levels;
* The economies of scale from which Ilva would benefit by being a part of
ArcelorMittal, including leveraging ArcelorMittal's global research and
development expertise, sales and distribution networks, purchasing power,
and technical steelmaking and market knowledge.
The submission of the bid is the first step in a multi-stage process that will
see only the environmental part of the offer discussed for the next 120
days. Following this period the government will provide more clarity on the next
steps of the offer process.
Commenting, Geert Van Poelvoorde, executive vice president and CEO,
ArcelorMittal Europe Flat Products, said:
"ArcelorMittal, together with our partner Marcegaglia, has today submitted our
offer for Ilva. We believe Ilva represents a compelling investment opportunity
for ArcelorMittal, without compromising our balance sheet strength, as it would
extend our leadership position and increase our product offering in Italy,
Europe's second largest steel manufacturing and consuming market.
"In recent years Ilva has been through some tough times that have affected all
of its stakeholders, including employees and the local community. It is in need
of a strong partner and immediate investment to stem the significant losses and
guarantee a sustainable future. In ArcelorMittal, Ilva will find an experienced
and committed partner ready to transfer its financial support, management know-
how, operational expertise and product technology. We have carried out extensive
due diligence and are satisfied that with targeted investments and a robust plan
the plant can be successfully turned around.
"Our industrial plan in the first instance centres on the three blast furnaces
currently in operation. The aim is to invest to improve product mix, quality and
productivity in order to return the plant to profitability. In the longer term
we will evaluate production volume increases based on market demand and the
performance of the asset.
"The environmental problems of the plant are well documented. In line with the
tender process, we have submitted a detailed environmental plan that outlines
the investments we believe are required to bring environmental performance in-
line with European standards. In general we support the aims of the AIA although
in some instances have requested changes to how the performance limits are met.
"Both Italy and Ilva have a proud history of steelmaking that is important to
the country's industrial supply chain and economy. In partnership with
ArcelorMittal and Marcegaglia we are confident that the future of steelmaking in
Italy can be commercially and economically sustainable once again."
Antonio Marcegaglia, Chairman and CEO of Marcegaglia, added:
"Ilva has always been a vital asset in the entire Italian steel chain, and we
need to ensure it can continue to be in the long-term.
"The serious challenges that Ilva is currently facing - from an environmental,
operational, financial and marketing perspective - that require a very strong
industrial player, with proven expertise and strong track record on all aspects.
"Our consortium - based on a long-term industrial relationship - combines the
strengths and the management competences of the world and European leader in the
steel industry, with those of Marcegaglia, which include a unique knowledge and
presence in the Italian and European downstream market.
"On this basis, we believe our consortium is the best equipped to take on the
challenge of the Ilva turnaround, and ensure a sustainable, sound future, to
which we are genuinely and thoroughly committed."
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 and our mining business is an essential part of our growth strategy. 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 2015, ArcelorMittal had revenues of US$63.6 billion and crude steel
production of 92.5 million tonnes, while own iron ore production reached 62.8
million 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/
About Marcegaglia
Marcegaglia is the leading industrial group worldwide in the steel processing
sector, with a yearly output of over 5.4 million tonnes. Founded in 1959 and
fully owned by the Marcegaglia family, the group is headquartered in Gazoldo
degli Ippoliti, Mantova.
Focusing on downstream processing within its extended value chain, Marcegaglia
develops the world's widest range of customer tailored steel semi-products and
finished goods. Marcegaglia is the largest independent hot rolled coil consumer
in Europe and the historical largest customer of Ilva. Marcegaglia is also the
largest stainless steel tube maker in the world, the largest carbon steel tube
maker in Europe and the largest service center in Italy.
The Group has operations worldwide with 6,500 employees, 60 sales offices, 210
representations and 43 manufacturing, serving more than 15.000 customers. In
2015, Marcegaglia had revenues of ?4.1 billion and Ebitda of ?218 million.
Marcegaglia has always given top priority to environmental and safety issues.
Social responsibility and concern for local communities has been at the heart of
Marcegaglia's operational philosophy. The company is actively contributing to
the wealth of the territory where it operates, supporting several programs
within the social and cultural sectors, also through the Marcegaglia Family
Foundation established in 2010.
+------------------------------------------------------------------------------+
| |
| |
| |
|Contact information ArcelorMittal Investor Relations |
| |
| |
| |
|Europe +35247923198 |
| |
|Americas +13128993985 |
| |
|Retail +35247923198 |
| |
|SRI +442075431156 |
| |
|Bonds/Credit +33171921026 |
| |
| |
+------------------------------------------------------------------------------+
| |
| |
|Contact information ArcelorMittal Corporate |
|Communications |
| |
| |
|E-mail: press(at)arcelormittal.com|
| |
|Phone: +442076297988 |
| |
| |
+------------------------------------------------------------------------------+
| |
| |
|ArcelorMittal Corporate Communications |
| |
| |
| |
|Sophie Evans +442032142882 |
|Paul Weigh +442032142419 |
| |
| |
| |
|Italy |
|Ad Hoc |
|Giorgio Zambeletti / Marina Beccantini +39027606741 |
| |
|France |
| |
|Image 7 |
| |
|Sylvie Dumaine / Anne-Charlotte Creach +33153707470 |
| |
|Marcegaglia Corporate Communications |
| |
|Rinaldo Arpisella +390230704280 |
+------------------------------------------------------------------------------+
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ArcelorMittal S.A. via GlobeNewswire
[HUG#2024325]
Unternehmensinformation / Kurzprofil:
Datum: 30.06.2016 - 13:19 Uhr
Sprache: Deutsch
News-ID 481027
Anzahl Zeichen: 14713
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 262 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ArcelorMittal and Marcegaglia submit offer to acquire Ilva"
steht unter der journalistisch-redaktionellen Verantwortung von
ArcelorMittal S.A. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
