November 5, 2019 / 7:03 PM / a month ago

ArcelorMittal will not reverse Ilva decision: source

ROME (Reuters) - Steelmaker ArcelorMittal will not reverse its decision to withdraw from a deal to buy Italian steelmaker Ilva regardless of government efforts to salvage the accord, a source close to the matter said on Tuesday.

ArcelorMittal announced on Monday it was pulling out of the deal, accusing the Italian government of reneging on a promise to give it immunity from prosecution over a heavily polluting plant in the southern city of Taranto.

Italy’s industry minister said earlier the government might draw up a new norm clarifying the legal protection already in place for the steel firm, but the source said this would not suffice. “Yesterday’s letter was final, not the beginning of a negotiation,” the source said.

Reporting by Crispian Balmer; Editing by Chris Reese

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