ArcelorMittal to Take Over JV With Ailing Stellantis Supplier

ArcelorMittal is set to take over a steel distribution joint venture with an Italian auto supplier as part of a debt restructuring.

The steel producer will gain full control of ArcelorMittal CLN Distribuzione Italia Srl after converting its debt into equity, according to people familiar with the matter, who asked not to be identified because the discussions are private. The venture between two of Italy’s largest steel distributors – ArcelorMittal and Stellantis NV-supplier CLN-Coils Lamiere Nastri SpA – was established in 2015.