ArcelorMittal to hand Ilva plant back to Italian state over legal row

) said on Monday it was withdrawing from a deal to buy struggling Italian steelmaker Ilva after Rome reneged on a promise to give it immunity from prosecution over its heavily polluting plant.

ArcelorMittal reached a deal last year to buy Ilva, which is based in the southern city of Taranto and employs 8,000 workers in a region with one of the highest unemployment rates in Italy. Thousands more jobs are indirectly tied to the site. “It is not possible to manage the plant without this protection, and it is not possible to expose employees and contractors to potential criminal charges,” Lucia Morselli, the CEO of ArcelorMittal’s Italian unit, wrote in a letter to staff.

A government source said the coalition would not let the plant close, adding that ministers did not believe ArcelorMittal had the right to renounce its contract. Another source said Conte would meet ArcelorMittal management on Tuesday.

Apparently Mittal did not like nationalism when it hurt his pocket.

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

California authorities found and destroyed $1 billion worth of marijuana plantsFrom the 459 acres of land, authorities destroyed about 10 million marijuana plants -- a value of approximately $1 billion on the black market, the sheriff's office said. What a waste of weed and probably not good for the environment either! BAN is not possible.................................BAN is not a Solution.
Source: CNN - 🏆 4. / 95 Read more »

Ex-felons vote in Florida after overcoming prison — and the GOPA legal battle over whether the state can block people with outstanding fines and fees from voting has yet to be fully resolved. Felons should not be voting... They forfeited that right with their poor decisions.... ‼️ As with any convictions folks are responsible for the fines, these people are no exception Florida lets ‘them’ vote?
Source: NBCNews - 🏆 10. / 86 Read more »