ArcelorMittal cancelled its plan to acquire full control of the Italian joint venture ArcelorMittal CLN Distribuzione Italia from partner CLN-Coils Lamiere Nastri. The steelmaker previously agreed to purchase the remaining 51% stake as part of a debt restructuring deal for CLN.
The withdrawal follows the Italian government’s exercise of its golden power to impose strict conditions on the transaction. These restrictions reportedly included government oversight on workforce reductions and a mandatory five-year operational requirement.
ArcelorMittal rejected these terms as unacceptable and abandoned the deal. This decision allows Italian steelmaker Acciaieria Arvedi SpA to pursue control of the venture.