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French President Francois Hollande has threatened to nationalize plant owned by the steel producer. Earlier, Industry Minister threatened Arnaud Montebourg that the multinational no longer welcome in the country, British daily ' The Telegraph ' has reported.
Hollande and Lakshmi Mittal meeting for about an hour yesterday, but reports suggested that it brought little progress. Citing a presidential statement, the daily said, "discussions between the State and the company (would) remain" until Saturday, trying to find a new investor for the site.
According to the report, came the Hollande nationalization warning if forty members from his Socialist Party said that they favored a temporary acquisition by the French State of the ArcelorMittal plant in Florange. Allocation to a joint statement by 40 parliamentarians, said the daily, "Mittal does not respect our country".
The report said the President and CEO of the steel giant is locked in a fight with France on the future of the Florange site in the heart of the traditional, but falling, of the French steel industry in the Eastern Lorraine region.
ArcelorMittal has said that the two blast furnaces at Florange were non-competitive in a difficult trading climate.
Going by the report, the company gave the Government two months expiring on Saturday to find a buyer for them. The Government says it has two offers, but only for the entire Florange site, including other installations, which ArcelorMittal wants to retain and to keep active, added.
According to the daily ArcelorMittal has warned that nationalisation of the Florange facilities would threaten the viability of all its activities across France, where there are 20,000 people work.
Meanwhile, The Wall Street Journal reported that according to the French Government, it would be difficult to sell without other ArcelorMittal's Florange plant furnaces factory, which further refined and ends steel, mostly for the automotive industry.
PTI
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