Market Chatter: ArcelorMittal to Take Full Control of Italian Steel JV After Debt Conversion

MT Newswires Live17:48

ArcelorMittal (MT) is set to take full control of a steel distribution joint venture in Italy by converting its debt into equity, Bloomberg News reported Wednesday, citing people familiar with the matter.

The move would give ArcelorMittal ownership of the ArcelorMittal CLN Distribuzione Italia joint venture, which is owned 51% by Stellantis (STLA) supplier CLN-Coils Lamiere Nastri, the unnamed sources told the news outlet.

ArcelorMittal has started seeking antitrust approval and may inject fresh capital into the business following the transaction, Bloomberg reported.

The company didn't immediately respond to MT Newswires' request for comment.

ArcelorMittal shares were up 1.9% in premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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