ArcelorMittal Makes a Play For Failing Italian Steelmaker Ilva

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ArcelorMittal, the world’s largest steelmaker, is one of at least four or five companies interested in troubled Italian steelmaker Ilva, Italy’s Industry Minister said on Monday.

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“There are several international manifestations of interest arriving and ArcelorMittal remains one of the players that is in a more advanced phase,” Federica Guidi told Reuters on the sidelines of a conference.

Guidi said there were at least four or five expressions of interest, including from ArcelorMittal, that were in a fairly advanced phase, adding they were “very serious” manifestations with advisers already appointed.

The Ilva complex, in the city of Taranto, is Europe’s biggest steel plant by capacity and one of the largest employers in southern Italy.

Its existence is now under threat since it is losing cash at a rate of 60 million to 80 million euros ($108 million) a month, according to Italian steel industry body Federacciai.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.35) and a low price of CNY 830.00 ($133.74) per dry metric ton. The price of Chinese HRC held steady at CNY 3,380 ($544.61) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($223.97) per metric ton.

The steel billet cash price saw little movement on Monday on the LME, closing out around $420.00 per metric ton. On the LME, the steel billet 3-month price showed little movement on Monday, hovering around $425.00 per metric ton.

The 3-month price of the US HRC futures contract showed little movement yesterday at $642.00 per short ton. The spot price of the US HRC futures contract continues hovering around $670.00 per short ton for the fifth day in a row.

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