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349 Posts, Pagina: « 1 2 3 4 5 6 ... 13 14 15 16 17 18 | Laatste
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ArcelorMittal reaches labour agreement with Ilva’s trade unions

ArcelorMittal announced that it has reached a provisional labour agreement with Ilva’s trade unions. The agreement is an important milestone in AM Investco Italy Srl (AM Investco)’s proposed acquisition of Ilva S.p.A (Ilva). The deal was inked in the presence of Deputy Premier and Labour and Industry Minister Luigi Di Maio. Geert Van Poelvoorde, CEO of ArcelorMittal Europe Flat Products, said “The agreement we have reached with Ilva’s unions meets the two major objectives we set out at the start of negotiations: to find an acceptable solution for every employee at Ilva; and to reach an agreement that reflects Ilva’s economic reality and provides a sound base for it to have a sustainable future. I would like to thank the Minister of Economic Development for his support and also the union representatives with whom we engaged during these discussions. They are a very important stakeholder and we will work to maintain a positive and constructive dialogue with them in the future.”

The key terms of the provisional agreement are as follows:

The labour agreement details a solution for every member of Ilva’s existing workforce.

ArcelorMittal has committed to initially hire 10,700 workers based on their existing contractual terms of employment.

In addition, between 2023 and 2025 ArcelorMittal has committed to hire any workers who remain under Ilva’s extraordinary administration.

The agreement will now be voted on by Ilva’s employees before being formally ratified.

Legal completion of the transaction and formal commencement of AM Investco’s lease and purchase agreement for Ilva is now expected on 1 November 2018.

Source : Strategic Research Institute
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ArcelorMittal completes transaction to acquire Ilva S.p.A. and launches ArcelorMittal Italia

ArcelorMittal announced that AM Investco Italy Srl’s transaction to acquire Ilva S.p.A. has completed. ArcelorMittal is the principal partner in AM Investco with a 94.4 per cent equity stake in the consortium, with Banca Intesa Sanpaolo holding 5.6 per cent. AM Investco’s lease and purchase agreement is effective from today 1st November 2018. Following completion of the transaction, ArcelorMittal has now assumed full management control of Ilva, which will form a new business cluster within ArcelorMittal Europe - Flat Products and be known as ArcelorMittal Italia.

Mr Lakshmi Mittal, Chairman and CEO, ArcelorMittal, said “Closing the acquisition of Ilva is an important strategic step for ArcelorMittal. Ilva is a quality asset that provides a unique opportunity to expand and strengthen our European presence by acquiring Europe’s single-largest steelmaking site. It is a compelling value creation opportunity for ArcelorMittal, that fits our objective of selectively investing in growth projects where we can leverage our operating expertise to grow Ebitda and free cash flow over the long-term. We have a strong history of rehabilitating under-performing assets. I am confident that we will prove successful in restoring Ilva’s operational, financial and environmental performance and, in doing so, create value for our company, Ilva’s stakeholders and the Italian economy.”

Source : Strategic Research Institute
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ArcelorMittal aims to make Ilva top in Europe

ANSA reported that ArcelorMittal CEO Matthieu Jehl said that the group aimed to make its Italian branch the best in Europe as concerns environmental sustainability, security and performance. He was speaking to journalists in Taranto at the ILVA steel plant during the presentation of the industrial and environmental plan for the group.

He added that "Production will rise from 4.5 million to 6 million tonnes but there is no tonne of steel to be produced that is worth it if we cannot go home healthy. Security, health and the environment are pillars for us alongside production performance.”

ArcelorMittal got the OK for a takeover of ILVA, which was placed in the hands of government-appointed administrators after being at the centre of environmental scandal linked to high cancer rates in the Taranto area, earlier this year.

Source : ANSA
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How ArcelorMittal plans to put Ilva back

ArcelorMittal's management believes strongly in the potential of its newly acquired Italian branch. On December 11, the group unveiled in Paris its roadmap to make the worst steel mill in Europe a site of excellence.
How ArcelorMittal plans to put Ilva back ArcelorMittal has launched the major renovation and transformation project of the Ilva steelworks in Taranto (Italy). © ArcelorMittal

It must be admitted, in 2015, at the announcement of his interest in Ilva and its steel plant in Taranto (the most polluting in Europe), we grimaced. A bit like when a real estate agent tells us about enormous potential in front of an apartment visibly eaten away by moisture or termites. Four years later, Mathieu Jehl, CEO of ArcelorMittal Italia, and Aditya Mittal Group Chairman, do not stop there: Ilva is "a strategic asset for ArcelorMittal" . This costly acquisition serves two purposes: to position itself strongly in the Italian market, Europe's second largest steel consumer, and to concentrate production on large-scale sites. Ilva is the largest integrated steel mill on the continent.

Admittedly, 2.4 billion euros of capex for a steel plant that leaks as many pollutants as cash is expensive. The sum is so enormous that it has to be brought back to a more reasonable scale to grasp its magnitude. This is more than a million euros invested every day by 2024. But it is the effort needed to put Ilva back to the level of environmental and economic demands of the steel group.

Discount to environmental standards

The first goal is to stop the bleeding. Not financial (we'll see that it is promised to a quick end anyway), but reputation. It all starts with the identification of risks and the training of staff. Of the 13,800 employees of Ilva, ArcelorMittal rehire 10,700. That is 260 contracts to sign daily by January. In November and December, 7,500 employees will have attended the safety training, the group's operational tools and information campaigns are put in place on protections and risky behavior.

At the same time, work on environmental compliance of the site is progressing rapidly. They represent half of the total reinvestment of ArcelorMittal, or 1.15 billion euros. Half a million a day. The raw material storage facilities are being covered by a huge structure for an amount of 300 million euros. A project "unique in Europe", says ArcelorMittal. The operation is expected to be completed by the end of 2019 for the iron ore park by May 2020 for the coal (coke and thermal) facility. This will also be the case for conveyors. "All buildings and equipment from which dust will escape will be closed," promises Mathieu Jehl.

The sealing, recovery and treatment of runoff and process water are dedicated to 167 million euros. Filters will be installed on the chimneys of the agglomeration units (by 2021 for the first and 2022 for the second) to reduce emissions of dust, metal particles and dioxins below the European thresholds (35 million euros ). The coking plant will be fully restored to the highest standards (desulphurization of coke oven gas in particular) for 200 million euros. Lastly, the Fire Prevention Plan is allocated 40 million. The balance is allocated to various environmental improvements.

Stop the financial bleeding

On the roadmap of ArcelorMittal for Ilva, the stop of the operational losses intervenes as of 2019. A challenge, for a company which lost until then 20 to 25 million euros per month. Beyond this horizon, it will be working on the incremental improvement of operational excellence. In the longer term, ArcelorMittal intends to deploy, in Italy as elsewhere, the pilots currently developed in R & D (charcoal, ethanol, hydrogen ...) to go towards a carbon-free steel. If confirmed, such a turnaround will dream more than one industrialist. The target set is to reach by 2019 a production of 6 million tons of crude steel.

To achieve this goal, the group put the means. It allocates 1.25 billion euros of risk capital to operational improvement. Among the major investment stations, blast furnaces and converter will swallow some 350 million euros, the mechanical upgrade and automation of the finalization of products 250 million, the power plant 60 million ...

"The three levels of our activity - buying, producing, selling - have been questioned and will be optimized," says Mathieu Jehl. "Ninety percent of the problems in Ilva have already been encountered elsewhere in the group ," says the leader, " Rather than reinventing the wheel, we will be importing solutions .

Source : Strategic Research Institute
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3 ILVA commissioners quit

ANSA reported that 3 commissioners overseeing a clean-up and revamp of the huge, troubled and polluting ILVA steel plant at Taranto in Puglia on Tuesday presented their resignations to Industry Minister Luigi Di Maio. Di Maio said “The resignations will take effect on June 1.Two new extraordinary commissioners will be named shortly.”

Di Maio issued a statement thanking Corrado Carrubba, Piero Gnudi and Enrico Laghi for their work.

He also said “Phase two of the commissioners project, in which we will plan and realise the future of Taranto, is now opening up. This will focus on the environmental clean-up activities and the economic and social relaunch of the local area."

Di Maio, who is also deputy premier and labour minister, said the permanent institutional talks on the plant led by the industry ministry would start on Wednesday.

The Taranto plant, which has been linked to high local cancer rates, is the largest steel plant in Europe.

Source : ANSA
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Italy appoints 3 new commissioners for former llva plant

Italy's minister of economic development appointed new commissioners of extraordinary administration for the former llva plant. The new commissioners are Francesco Ardito, lawyer and director of AQP SpA, Antonio Cattaneo, head of Deloitte Forensic, and Antonio Lupo, lawyer.

The appointments will be in force from June 1.

New commissioners will monitor ArcelorMittal Italia’s activity ensuring that ArcelorMittal meets its commitments made during former llva’s takeover.

Source : Strategic Research Institute
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