ArcelorMittal headed for tense talks with Di Maio

Global steel producer ArcelorMittal met with the Italian minister of economic development, Luigi Di Maio, this afternoon to discuss the company's proposed buyout of Italian steelmaker Ilva.

But the tone of the meeting may well be strained after Di Maio said the deal could be cancelled following his referral of the tender process to the country's anti-corruption body ANAC.

ANAC said last week there were some issues with the tender process — without suggesting impropriety on the part of ArcelorMittal — but not enough for the body to act upon, and passed the case back to the ministry.

"Following internal checks on the Ilva dossier and the opinion provided by ANAC, it is believed that there are conditions to start an administrative procedure aimed at the possible cancellation ... of the decree of 5 June 2017 awarding the tender," Di Maio said yesterday.

The statement from Di Maio is the latest in a seeming line of hurdles erected by the new coalition government, which extended the deadline for closing the deal to September 15.

Di Maio recently said the environmental and industrial plans tabled by ArcelorMittal were insufficient. The company agreed earlier this week to additional societal and environmental commitments, without elaborating on what they were.