Arcelor Mittal Considers Making Offer For Lucchini

(RTTNews) - Arcelor Mittal (MT) has been considering making an offer later this month for Italy's second largest steel producer Lucchini, reports stated, citing Italian union CGIL FIOM.

The reports further said that Lucchini, formerly owned by Russia's Severstal, was declared insolvent in 2012 and later placed under "special administration" - a procedure designed to save large companies and avoid heavy job losses. It fell victim to the 2008 recession that has cut Europe's steel demand by about a quarter.

"There hasn't been a formal expression of interest yet, but in the last few days ArcelorMittal has been conducting due diligence of the Piombino," said Gianni Venturi, national co-ordinator for Italian union FIOM CGIL.