Discussion on nationalization of ArcelorMittal France escalates as Assembly committee approves proposal
The Finance Committee of the French National Assembly has approved a bill introduced by the La France Insoumise (LFI) party on the nationalization of ArcelorMittal's French assets, which, according to local media reports, is a significant step towards the potential transformation of the French steel sector. The bill will be discussed at a plenary session scheduled for November 27, during the day set aside for LFI-led initiatives.
Aurelie Trouvet, a member of parliament from the LFI, who supported the proposal, argued that "France has allowed its steel production to decline for 40 years," accusing ArcelorMittal of offshoring, underinvestment, and failure to modernize production despite receiving government subsidies. She said nationalization was necessary to accelerate decarbonization efforts, especially for the conversion of blast furnaces, warning that the industry risked not complying with future EU regulations. Based on parliamentary hearings and internal research, Trouve estimated the cost of nationalization at 3 billion euros.
Following the committee's vote, ArcelorMittal France President Alain Le Grix de la Salle issued a strong rebuttal on LinkedIn. "I want to repeat this loudly and clearly, if necessary: no, nationalizing ArcelorMittal France obviously won't solve anything," he wrote.
According to De la Salle, the industry's real problems are declining demand and global overcapacity. He argued that changing the shareholder structure would not solve these fundamental problems. On the contrary, he argued that separating French operations from the broader international grouping would "dramatically worsen their situation."
Steelorbis.com