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French Parliament votes to nationalize ArcelorMittal; ministers warn

The French Parliament approved the bill to nationalize ArcelorMittal by a vote of 127 to 41.

French Parliament votes to nationalize ArcelorMittal; ministers warn

The proposal was championed by the far-left France Unbowed (LFI) party and supported by the united left bloc, including the Socialists, Greens, and Communists.

The far-right National Rally chose to abstain, while the parties backing President Emmanuel Macron’s minority government voted against the motion.

The proposal is expected to face a tougher response in the Senate, where centrists and the right hold the majority, and the process is likely to stall there. Finance Minister Roland Lescure criticized the initiative, calling it ‘a populist response to a structural problem.’

In a social-media post, Lescure stressed that cooperation between LFI and the National Rally would not prevent the unfair competition undermining the French steel industry. He added that ‘France needs a clear industrial roadmap, not a so-called magic formula like nationalization,’ noting that the government would continue working with ArcelorMittal and its employees on structural solutions.

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