On September 6, Arcelor Mittal and the Riva Trade Union Organization reached a temporary labor agreement on the acquisition of Italian Riva Steel, making the necessary preparations for the completion of this acquisition. Before the agreement comes into force, Riva Steel's workers will vote on the agreement.

According to the preliminary agreement signed last year, ArcelorMittal will complete the acquisition and takeover of assets of Riva Steel. As the fund used to maintain the mill is running out this month, workers are at stake, and Italian Deputy Prime Minister Luigi Di Maio said that as long as the union agrees to the acquisition, he will no longer hold objections.

According to the signed agreement, ArcelorMittal agreed to receive 10,700 of the 13,500 workers in Riva Steel, an increase of 500 from the original commitment. At the same time, ArcelorMittal also promised to allocate 250 million euros ($290 million) as compensation for layoffs.

“There is now a clear way to complete the transaction and start to restore Riva Steel. We are eager to start as soon as possible, because Riva Steel needs urgent investment to solve its operational problems. Once we officially acquire the ownership of Riva Steel, our The first priority will be to ensure operational stability and will also begin to implement our 2.4 billion euro investment plan,” said Arcadia Mittal Chief Financial Officer Adityia Mittal.