Market Chatter: ArcelorMittal Reportedly Abandons Plan to Take Over Italian Steel Distribution JV

08:32 AM EDT, 09/01/2026 (MT Newswires) -- ArcelorMittal (MT.AS, MTS.MC) abandoned its planned takeover of its steel distribution joint venture in Italy with automotive components maker CLN-Coils Lamiere Nastri after the Italian government imposed restrictions on the deal, Bloomberg News reported on Tuesday. The European steelmaker had planned to take over the remaining 51% stake it didn't own in ArcelorMittal CLN Distribuzione Italia as part of a debt restructuring deal between CLN-Coils and its creditors. However, people familiar with the matter told Bloomberg that the plan fell through after the Italian government used its power to protect strategically relevant companies on the transaction. Italian steelmaker Acciaieria Arvedi, which had previously bid for the joint venture, was said to have submitted a new binding offer to acquire CLN Distribuzione Italia. The joint venture partners reportedly agreed to the new offer. ArcelorMittal did not immediately respond to a request for comment from MT Newswires. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)