By Giulia Petroni
ArcelorMittal said Wednesday that AM InvestCo Italy and Ilva commissioners have signed an agreement outlining the terms of a new investment plan for the future of the Italian steel plant.
The Luxembourg-based steel-and-mining company said Italian state-sponsored entities would make a "significant" investment into AM InvestCo by Nov. 30, 2020, "forming the basis for an important new partnership between ArcelorMittal and the Italian government."
"The amendment agreement is structured around a new industrial plan for Ilva, which involves investment in lower-carbon steelmaking technologies," the company said.
In addition, AM InvestCo agreed to revoke its notice to pull back from the original agreement and Ilva commissioners to withdraw their request for an injunction.
The closing of the lease and purchase agreement is now scheduled for May 2022, ArcelorMittal said.
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(END) Dow Jones Newswires
March 04, 2020 10:40 ET (15:40 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.