The offer included a commitment to improve Ilva's environmental performance through installation of best available technology.

ArcelorMittal has said it will simplify its management structure in-line with an on going drive to promote a performance-driven culture.

It said the results could have been better had the company not incurred $1.3 billion on exceptional items.

The loss in Q4 2013 went up on a sequential basis compared to an operating loss of euro 131m in Q3 2013.

Aiming to simplify its operations, world's largest steel maker ArcelorMittal has reorganised its top management structure.