ArcelorMittal, the world's leading integrated steel producer, has submitted a proposed divestment package to the European Commission (EC), as it tries to get the EU approval for the acquisition of Italian steelmaker Ilva.

The proposed divestment package includes assets in Italy, Macedonia, Czech Republic, Luxembourg and Belgium, as well as the steel plant it owns in Galati, Romania.

The proposal to sell these assets remains subject to final review and approval by the EC, which is expected to reach a final decision by May 23, according to a press release from ArcelorMittal.

The information that ArcelorMittal may sell the plant in Romania appeared in March, after the group submitted an offer to buy the biggest still plant in Europe, Ilva. The transaction would amount to EUR 1.8 billion.

In 2016, ArcelorMittal Galati had a turnover of EUR 772 million and EUR 60 million losses.

Irina Marica, irina.marica@romania-insider.com