The finance committee of France’s National Assembly has approved a bill introduced by La France Insoumise (LFI) party to nationalize the French assets of ArcelorMittal, a significant step toward a potential reshaping of the French steel sector, according to local media reports. The bill will be debated in the plenary session scheduled for November 27, during the day reserved for LFI-led initiatives.
LFI MP Aurélie Trouvé, who championed the proposal argued that “France has allowed its steel production to decline for 40 years”, accusing ArcelorMittal of offshoring, underinvestment and failing to modernize operations despite receiving public subsidies. She stated that nationalization is necessary to accelerate decarbonization efforts, especially the transformation of blast furnaces, warning that the industry risks falling foul of future EU regulations. Based on parliamentary hearings and internal studies, Trouvé estimated the cost of nationalization at €3 billion.
Following the committee vote, ArcelorMittal France president Alain Le Grix de la Salle issued a strong rebuttal on LinkedIn. “I want to repeat it loud and clear if necessary: no, nationalizing ArcelorMittal France would obviously solve nothing,” he wrote.
According to De la Salle, the sector’s real challenges are declining demand and global overcapacity. He argued that changing the shareholder structure would not address these fundamental issues. On the contrary, he claimed that separating French operations from the wider international group would “drastically worsen their situation”.