Invitalia will invest in AM InvestCo in two tranches:

• The first investment of 400 million € will be made by 31 January 2021 (subject to EU antitrust authorisation), providing Invitalia with joint control over AM InvestCo
• The second tranche of up to 680 million € is payable on closing of AM InvestCo’s purchase of Ilva’s business, which is subject to the satisfaction of various conditions precedent* by May 2022, at which point Invitalia’s shareholding in AM InvestCo would reach 60 %. ArcelorMittal will also invest up to 70 million €, to the extent necessary to retain a 40 % shareholding and joint control over the company.

The updated industrial plan agreed between AM InvestCo and Invitalia involves investment in lower-carbon steelmaking technologies, including the construction of a 2.5 million t electric arc furnace. The industrial plan, which targets reaching 8 million t of production in 2025, involves a series of public support measures including ongoing government funded employment support.
AM InvestCo’s governance would be based on the principle of joint control starting from Invitalia’s first investment.
_{*The conditions precedent to closing include: the amendment of the existing environmental plan to account for changes in the new industrial plan; the lifting of all criminal seizures on the Taranto plant; and the absence of restrictive measures – in the context of criminal proceedings where Ilva is a defendant – being imposed against AM InvestCo.}

_{(Source: ArcelorMittal)}