The French parliament passed a proposal to nationalize ArcelorMittal with an estimated value of 3 billion euros ($3.46 billion) after a heated debate in the National Assembly on Thursday, overseen by Callanish.
A source in the National Assembly who was present during the debate confirms that all three articles of the bill were approved after a debate that lasted until midnight with 127 votes in favor and 41 against.
The bill, which is opposed by the government, must now be submitted to the Senate for approval, where it can be blocked by a conservative majority.
Kallanish reported in Friday's newsletter that the first article of the bill was adopted before publication (see Kallanish passim).
The debate was sparked by a bill from the leftist La France Insoumise (LFI) party calling for the nationalization of ArcelorMittal.
In recent months, the push for nationalization has come from trade unions and several political parties.
In May, French President Emmanuel Macron confirmed that the government would not pursue nationalization.
This was in response to several strikes initiated by trade unions to protest the announcement earlier this year of 600 job cuts by a steel mill in France.
"Our bill on the nationalization of ArcelorMittal France has been passed! Despite the obstacles from the National Assembly, we managed to get this important bill passed, which is a key step for the environmental transition, our industrial sovereignty, and the protection of 80,000 jobs," LFI wrote in its report.
A festive social media post calling the midnight vote a "historic victory."
The estimated cost of 3 billion euros is nothing compared to the cost of losing experience and independence, the party noted.
ArcelorMittal has acknowledged the vote.
The company's representative stresses that the nationalization of ArcelorMittal "will in no way solve the problems facing the steel industry in France and Europe."
It is necessary to take measures to eliminate structural factors that undermine competitiveness, the company notes.
Europe must protect its steel market from the flood of cheap imports by quickly implementing trade protection measures announced in October and implementing an effective CBAM, he adds.
"Changing ArcelorMittal's shareholder structure will not help solve these structural problems – quite the opposite. Splitting up the French assets and separating them from the rest of the group will only seriously worsen their situation," the firm comments
."Today, our plants in France remain stable, as they are part of the ArcelorMittal group: our main plants in Dunkirk and Fos-sur—Mer supply France with less than
