The French government said steel maker ArcelorMittal would invest in a plant it had planned to partially shut down, ending the need to nationalize the company. "The government dismissed this idea on the grounds of commitments it obtained from ArcelorMittal," said French Prime Minister Jean-Marc Ayrault in a press conference. Due to weak demand for steel, the company was expected to close two blast furnace, which have already been shut down temporarily. The government reacted by exploring the possibility of nationalizing the company, which is based in Luxembourg, The Wall Street Journal reported Saturday. Instead of closing down the furnaces permanently, however, the steel maker committed itself to exploring their use as underground carbon-dioxide storage facilities, the Journal reported. The commitment to the plant includes an investment of $233.6 million over five years, The New York Times reported. In addition, the company said it would not layoff any of its 2,7000 workers. Closing the blast furnaces had threatened to end about 600 of those jobs, the Times said.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor