The logo of ArcelorMittal on a building in Florange, in Thionville, northeastern France, March 9, 2012. JEAN-CHRISTOPHE VERHAEGEN / AFP
The lower house of the French parliament voted late on Thursday, November 27, to nationalize the country's largest steelmaker, ArcelorMittal France, though the measure is opposed by the government and likely to be rejected by the Sénat.
The measure was proposed by far-left parties in the Assemblée Nationale and is aimed at heading off plans by ArcelorMittal to slash jobs. The steel giant announced cost-cutting measures in Europe this year that would result in an estimated 270 job losses in France.
Far-left MPs said nationalization was the only way to save the company and its 15,000 jobs in France. Other leftist parties voted in favor, the far right abstained and the parties that support France's minority government were against.
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