Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,  BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 28.01.2021 
C(2021)  556 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M. 10096 – INVITALIA / ARCELORMITTAL / AM INVESTCO  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 06 January  2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  the 
undertakings Agenzia nazionale per l’attrazione degli investimenti e lo sviluppo 
d’impresa S.p.A. ( ‘Invitalia’, Italy) and ArcelorMittal S.A.  (‘ArcelorMittal’, 
Luxembourg) acquire within the meaning of Article s 3(1)(b) and 3(4) of the Merger 
Regulation joint control of  the whole of  AM InvestCo Italy S.p.A. (‘AM InvestCo’, 
Italy), controlled by ArcelorMittal. The concentration is accomplished by way of  
purchase of shares.3 
2. The business activities of the undertakings concerned are:  
− for Invitalia: an Italian national agency for inward investment and economic 
development , currently controlling several businesses active in the sectors of 
telecommunications i nfrastructure, banking, tourism  and urban development , 
− for ArcelorMittal : a global steel and mining company, whose principal business is 
the production, distribution, marketing, and sale of steel products  for various 
applications including automotive, construction, household appliances, and 
packaging. It produces a range of steel semi -finished and finished products, 
including flat and long carbon steel products,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication  in the Official Journal of the European Union No C 21, 20.1.2021 , p. 6. 

2 − for AM InvestCo: a subsidiary of ArcelorMittal, which controls certain Italian 
steel business units owned by the Ilva Group active in the production, processing 
and distribution of  flat carbon steel p roducts and welded steel tubes.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5(b) of the Commission Notice on a simplified procedure for treat ment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5.