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French find investor for troubled ArcelorMittal plant

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French find investor for troubled ArcelorMittal plant

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The French government claims to have found an industrialist willing to invest 400 million euros to restart ArcelorMittal’s Florange steelworks.

Industry Minister Arnaud Montebourg says the interested party was a private investor from the industry who wanted to put cash into the project in partnership with the French government.

France raised the issue of taking the plant into state hands if no deal to save Florange came up.

ArcelorMittal has said it only wants to sell off two idle furnaces and not the entire site.

France said the company is no longer welcome in the country.