This Morning in Metals: Italy, ArcelorMittal to negotiate over Ilva steel plant
This morning in metals news, steelmaker ArcelorMittal is engaged in negotiations over its prior plans to take over Italy’s troubled Ilva plant, Norsk Hydro sold one of its plants in Spain and copper prices made gains Monday.
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ArcelorMittal, Italy’s government in talks over Ilva
ArcelorMittal’s plans to take over the troubled Ilva steel plant in Italy fell apart earlier this year, as the steelmaker sent a notice of the withdrawal and termination of the lease and purchase agreement. The steelmaker argued new environmental laws in the country impact the plant’s ability to operate.
The Associated Press reported Italy’s prime minister Giuseppe Conte said the government is in talks with ArcelorMittal over the possibility of negotiating a solution and saving jobs at the plant.
Hydro sells Santa Oliva plant
Norwegian firm Norsk Hydro is selling its Santa Oliva plant in Spain, the firm said last week.
“The decision to divest is part of the overall review in Extruded Solutions, aiming to optimize and streamline the portfolio,” Hydro said. “The transaction is expected to be completed in Q4 2019.
“The Santa Oliva plant is part of the Extruded Solutions business area and has around 50 employees.”
Copper Prices Rise
Copper prices made gains Monday on positive trade news and declining LME stocks, Reuters reported.
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LME copper jumped 0.7% to $5,895.50 per ton, according to Reuters.
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