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Last Updated : Sep 06, 2018 02:09 PM IST | Source: Reuters

ArcelorMittal reaches deal with unions over Italy's Ilva: Sources

ArcelorMittal signed a preliminary deal last year to buy Ilva, which has the largest steel-producing capacity in Europe, but the accord was thrown into doubt by Italy's new, anti-establishment government when it took office in June.

Q7. This was the world's largest steel producer in terms of turnover and the second largest in terms of steel output. The company was created by a merger of the former companies Aceralia (Spain), Usinor (France) and Arbed (Luxembourg) in 2002.Identify the company? (Image: Reuters)
Q7. This was the world's largest steel producer in terms of turnover and the second largest in terms of steel output. The company was created by a merger of the former companies Aceralia (Spain), Usinor (France) and Arbed (Luxembourg) in 2002.Identify the company? (Image: Reuters)

Steel giant ArcelorMittal has reached a deal with trades' unions over its planned purchase of Italy's Ilva steelmaker, ending months of uncertainty over the contested takeover, sources said on Thursday.

ArcelorMittal signed a preliminary deal last year to buy Ilva, which has the largest steel-producing capacity in Europe, but the accord was thrown into doubt by Italy's new, anti-establishment government when it took office in June.

However Thursday's agreement with unions over staffing levels will now make it impossible for the government to block the pact.

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Under the deal, ArcelorMittal agreed to take on 10,700 of the current 13,500 workforce at Ilva, with 250 million euros ($290 million) put aside to pay for planned lay-offs, said the two sources who were familiar with the negotiations. ($1 = 0.8595 euros)

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First Published on Sep 6, 2018 02:06 pm
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