ROME (Reuters) – Steel giant ArcelorMittal (AS:) wants to cut 5,000 jobs in Italy because of low production levels at its Taranto plant, Italian Prime Minister Giuseppe Conte said on Wednesday, denouncing the plan as “unacceptable”.
ArcelorMittal announced this week it was withdrawing from a year-old deal to buy Italy’s Ilva steelworks, saying its decision came after the government had scrapped a guarantee of legal immunity while it cleaned up the heavily polluting plant.
Conte met ArcelorMittal managers earlier in the day and said it was clear the legal shield had nothing to do with the decision to quit Italy. The real problem was that the firm had not hit its production targets, he told reporters.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.