Arab Today, arab today arcelormittal welcomes deal to save french plant
Last Updated : GMT 08:00:38
Arab Today, arab today
Arab Today, arab today

ArcelorMittal welcomes deal to save French plant

Arab Today, arab today

Arab Today, arab today ArcelorMittal welcomes deal to save French plant

Paris - AFP

The world\'s top steelmaker ArcelorMittal welcomed on Saturday a deal over the future of one of its plants that the French government had threatened to nationalise. The dispute over closing blast furnaces at the Florange plant had risked damaging France\'s image among investors, with a virulent attack by a minister on the company owned by Indian-born steel tycoon Lakshmi Mittal. \"It is positive that we reached an agreement on the future of our activities at Florange,\" said ArcelorMittal executive Henri Blaffart. \"In the context of the current economic environment, it\'s a good agreement.\" French Prime Minister Jean-Marc Ayrault announced late Friday a deal under which ArcelorMittal had committed to invest at least 180 million euros ($234 million) over the next five years at the Florange site in northeastern France. The government and the steelmaker had waged high-stake brinkmanship for weeks over the fate of two blast furnaces that ArcelorMittal wanted to shut for good given a slump in demand for low-end steel products. ArcelorMittal had given the French government until December 1 to find a buyer for the blast furnaces or said it would begin laying off around 630 employees. The French government had threatened to nationalise the entire site, which contains facilities to produce higher-end products that ArcelorMittal wanted to keep, as Paris said it couldn\'t find a buyer for just the furnaces. Ayrault said under the deal the two blast furnaces ArcelorMittal had closed would be left intact until EU financing was confirmed for an existing carbon-capture project and that ArcelorMittal agreed not to proceed with forced job cuts. ArcelorMittal made no comment about the carbon-capture project in its statement on Saturday. It confirmed the 180 million euros in investment would be made in higher-end steel production, not the blast furnaces. ArcelorMittal had made it clear that any nationalisation of the plant would cast doubt on the future of all its operations in France, where it employs 20,000 people. But unions at the plant were unhappy, and wanted to know what had happened to the prospective buyer government had mentioned. \"We have the feeling we have once again been betrayed,\" said Edouard Martin, a spokesman for the CFDT union at the Florange plant. \"We don\'t trust Mittal at all,\" he added. The deal raised concerns about the position of Industrial Renewal Minister Arnaud Montebourg, who accused the company of blackmailing the country. He also said it was \"no longer welcome in France\", he added, sparking outrage in business circles. Montebourg had also announced there was an investor ready to invest 400 million euros in Florange, and just hours before the deal told workers that the government was ready to nationalise the site. However a source at the prime minister\'s office said Friday there were no \"credible, firm\" takers for the site. An arch-antiglobalist, Montebourg is widely regarded as a loose cannon inside the government, and his statements chilled the business climate and caused outrage in Mittal\'s native India. The dispute over the plant had put Hollande\'s government in a bind, caught between a pledge to protect jobs and to improve the competitiveness of French industry as the country faces rising unemployment and stagnant growth. There had been concerns that a nationalisation would have set a precedent and unleash a wave of similar demands from unions at other ailing companies. Despite being under severe budget constraints in order to meet its EU commitments to cut public deficit, the French government has recently helped prop up automaker Peugeot\'s financing arm and will have to pump billions into Dexia bank. The dispute also came at a difficult time for Arcelor Mittal, which plunged into a quarterly net loss of $709 million in the period from July to September on sliding demand from China. The company is saddled with debt that is expected to rise to $22 billion by the end of the year, with Moody\'s recently downgrading ArcelorMittal\'s credit rating to junk status.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today arcelormittal welcomes deal to save french plant Arab Today, arab today arcelormittal welcomes deal to save french plant

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday