ArcelorMittal offered to take over Europe's largest steel plant in a joint bid with Marcegaglia SpA.
The world's biggest steelmaker plans to return the three blast furnaces operating at the Ilva works in the Italian city of Taranto to profitability and raise output, ArcelorMittal said in a statement Thursday.
A deal won't undermine ArcelorMittal's balance sheet and will boost its position in the Italian market, it said. It plans to raise Ilva's crude-steel output to more than 6 million metric tons a year by 2020 from about 4.8 million tons.
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