French Industry Min To Begin Talks with ArcelorMittal Executives

Date : 07/28/2012 @ 11:19AM
Source : Dow Jones News
Stock : Arcelor Mittal NY Registry Shares New (MT)
Quote : 7.92  0.0 (0.00%) @ 8:48AM

French Industry Min To Begin Talks with ArcelorMittal Executives

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PARIS--French Industry Minister Arnaud Montebourg will start talks on the future of Steel giant ArcelorMittal's (MT, MT.FR) Florange steel plant, "very quickly", according to a statement from the minister's office issued late Friday.

The statement comes after an expert's report presented to the minister said that "a rapid and significant investment plan will be required" at the plant, in order for the site to maintain its competitiveness.

The minister will hold talks with ArcelorMittal's executives "to ensure that such a development project for the site would correspond with the company's strategy," according to the statement.

Around two months ago, ArcelorMittal confirmed it plans to extend for another six months the partial idling of the steel plant until the end of 2012.

The plant's future is one of several cases which are being closely followed by the French government as weak European demand and competitively issues weigh on the country's industry.

French car maker Peugeot SA (UG.FR) is in the midst of intense consultations with President Francois Hollande's government over its recently unveiled restructuring plans.

-Write to Nadya Masidlover at nadya.masidlover@dowjones.com

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