Global steel giant ArcelorMittal has reached a preliminary agreement last week to sell its steel mill in Piombino, Italy to Italian steelmaker Arvedi to help get clearance from EU authorities for its purchase of Italian steelmaker Ilva, according to Reuters. ArcelorMittal and Arvedi declined to comment about the agreement.
Reuters stated ArcelorMittal wants to dispose its Piombino mill due to the EU's concerns over market concentration in the galvanized steel sector.
ArcelorMittal’s Piombino mill produces 800,000 mt of galvanized steel per year for the automotive, white goods and construction sectors.