April 17, 2019 / 1:54 PM / 2 months ago

EU approves ArcelorMittal sale of assets to Liberty House in Ilva deal

FILE PHOTO: Steel factory ArcelorMittal's logo is seen on an old train in Zenica, Bosnia and Herzegovina, February 9, 2016. REUTERS/Dado Ruvic/File Photo

BRUSSELS (Reuters) - The European Commission has approved the sale by ArcelorMittal, the world’s largest steel producer, of plants in several European countries to Liberty House to satisfy regulatory requirements for its acquisition of Italian steelmaker Ilva.

“In May 2018, the Commission approved the acquisition of Ilva by ArcelorMittal, subject to conditions,” the EU executive said in a statement. “ArcelorMittal was required to sell a large package of steel plant assets to a suitable purchaser.”

Liberty House, which has been snapping up distressed steel and aluminium assets, said the deal would more than doubles its worldwide steel-rolling capacity to 15 million tonnes.

Reporting by Alissa de Carbonnel; editing by Francesco Guarascio

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