French PM Estimates Nationalization of ArcelorMittal Plant Cost at EUR1 Billion
05 Dicembre 2012 - 9:22PM
Dow Jones News
By Gabriele Parussini
PARIS--The French government had identified a potential buyer
for the Florange steel plant, but completing the operation would
have implied expropriating ArcelorMittal (MT) at the cost of 1
billion euros ($1.31 billion), Prime Minister Jean-Marc Ayrault
said Wednesday.
"We had a buyer, who made a proposal, not for the blast
furnaces, but for purchasing the plant's factory that processes
steel and manufactures food and drink packages," Mr. Ayrault said.
"To push through the plan we should have expropriated Mittal, and
that would have cost EUR1 billion."
After threatening the steel company with the nationalization of
the site, the French government last week struck an agreement with
ArcelorMittal Chief Executive Lakshmi Mittal, who agreed to scrap a
layoff plan and pledged to boost investments on the site.
Write to Gabriele Parussini at
gabriele.parussini@dowjones.com
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