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ArcelorMittal To Take Full Control of Joint Venture with CLN-Coils
April 23, 2026
ArcelorMittal is moving to take full control of its Italian steel distribution joint venture, ArcelorMittal CLN Distribuzione Italia. The venture was established in 2015 with Italian auto parts supplier CLN-Coils Lamiere Nastri which currently controls a 51% stake, while ArcelorMittal owns the remainder. The joint venture owes ArcelorMittal roughly €100mn ($117mn) in commercial debt. According to sources, the steel producer will gain full control of the joint venture after converting its debt into equity. The takeover stems from financial distress at both the joint venture and CLN itself. CLN entered creditor restructuring talks in 2024 and this week finalized a restructuring agreement involving asset sales, under which banks will recover approximately half their original exposure. The joint venture had separately received court protection from creditors in October. ArcelorMittal has begun seeking antitrust approval for the acquisition and may inject fresh capital post-deal to strengthen the venture’s balance sheet.
ArcelorMittal’s bonds traded stable with its 4.25% 2029s at 99.9, yielding 4.26%
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