Italy's economic development minister, signed a decree on Monday approving the € 1.8 billion offer, led by the world's largest steelmaker, in a move that will deliver a century-old industrial concerned back into private ownership.

ArcelorMittal plans to improve its product mix, gain marketing share and address environmental issues. The three-party acquisition program holds 85% and 15% of shares respectively from ArcelorMittal and Marcegaglia.

They implement project to extend crude steel capacity from 4.8 million tons to 6 million ton in 2020, and maintain at least three blast furnaces.