INSUBCONTINENT EXCLUSIVE:
ArcelorMittal on Monday retreated from its plan to buy the steel producer.Steel giant ArcelorMittal pulled out of an agreement to buy
struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs
Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant.The announcement caused shockwaves in Italy where
the deal was expcted to safeguard thousands of jobs
their withdrawal is that their investments are not profitable and they are demanding now that 5,000 jobs are cut
the plant, the government "will not stay inert", he added.The prime minister hopes that following the discussion, ArcelorMittal will return
to the negotiating table "with acceptable and tenable proposals".ArcelorMittal began leasing the plant -- with an obligation to buy it --
last November, and had plans to invest 2.4 billion euros ($2.7 billion) to revive it, including 1.2 billion euros to curb pollution by
2024.The steel giant was given a period of legal immunity to bring the site up to environmental standards.But after much prevarication, the
Italian parliament revoked that decision and the company lost its immunity on November 3.The Taranto plant in the south of Italy is mired in
controversy because experts believe that some 7,500 people have died in the surrounding area as a result of diseases linked to toxic
emissions.The plant -- Europe's largest integrated steelmaking site -- has a workforce of more than 8,000 in the poverty-hit southern
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