Invitalia, a national agency for investment promotion and enterprise development, agreed to invest $2.2bn in AM InvestCo, a subsidiary of ArcelorMittal, a steel and mining company, which signed the lease and obligation to purchase agreement for the business of Ilva, a former Italian steel company. The first investment of $485m will be made by January 31, 2021, providing Invitalia with joint control over AM InvestCo. The second tranche of up to $825m is payable on closing of AM InvestCo’s purchase of Ilva’s business, by May 2022, at which point Invitalia’s shareholding in AM InvestCo would reach 60%. ArcelorMittal will also invest up to $85m, to retain a 40% shareholding.