By Inti Landauro and Ruth Bender
PARIS--French Industry Minister Arnaud Montebourg said Tuesday
his proposal to temporarily nationalize a steel plant owned by
ArcelorMittal (MT) in eastern France was gaining support among
different political groups.
"There is a kind of national unity gradually building around the
proposal for a temporary nationalization," Mr. Montebourg said at a
National Assembly hearing. He said several politicians, mostly
those from the right, supported his proposal.
Mr. Montebourg said his plan for the steel plant was similar to
the U.S. government bailout of car makers during President Barack
Obama's first administration.
The industry minister said a temporary takeover of the plant by
the state would only last until an industrial company bought it
"with its own money."
Tension is rising between the government and ArcelorMittal over
the fate of two blast furnaces and other related facilities located
in Florange which the company intends to shut down. The firm has
said it will definitely close the furnaces, which have been idle
for more than a year, on Saturday unless the government finds a
buyer.
Mr. Montebourg said many companies are interested in buying the
furnaces, but also want to buy other ArcelorMittal facilities that
manufacture steel products for auto industry, which the company
wants to keep.
Lakshmi Mittal, who controls ArcelorMittal, is due to meet with
French President Francois Hollande Tuesday evening to discuss the
furnaces and the 600 workers employed there.
-Write to Inti Landauro at inti.landauro@dowjones.com
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