Last updated: February 19. 2013 7:52PM - 85 Views

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(AP) France's prime minister says there will be no layoffs at a blast furnace site in northeast France and that owner, steel company ArcelorMittal, has promised to invest 180 million ($233.75 million).

Friday's announcement caps months of tension over the future of the site where the jobs of more than 600 people were at stake.

Jean-Marc Ayrault put to rest rumors the government would nationalize the site at Florange. Instead, he said in a televised announcement that ArcelorMittal had made an unconditional agreement to the site and that the government would keep watch for non-respect of the agreement.

The prime minister said the furnaces will be maintained while awaiting development there of a gas recycling project that would make the industry competitive.

Florange has not showed a loss, but hasn't performed like other ArcelorMittal sites.

Associated Press
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