French MPs back nationalising ArcelorMittal France, defying Macron

The French National Assembly has approved, in first reading, a bill to nationalise ArcelorMittal’s French operations. The proposal, introduced by the left-wing party La France Insoumise (LFI), passed late on Thursday with 127 votes in favour and 41 against. The crucial factor was the decision of the far-right Rassemblement National to abstain, allowing the text to pass despite strong resistance from the government.

The bill declares that “la société ArcelorMittal France est nationalisée” and establishes an administrative commission—drawn from top state institutions such as the Court of Audit, Banque de France and Conseil d’État—to determine the valuation. Importantly, the state would not be allowed to pay more than the average “real” share price between 1 October 2024 and 30 September 2025. In the political debate, the cost of acquiring the French assets has been estimated at around €3 billion, covering roughly forty sites including the integrated plants at Dunkirk and Fos-sur-Mer.

The initiative comes against the backdrop of a deepening crisis in the European steel sector. ArcelorMittal has announced job cuts in France, blaming high electricity costs, weak demand and growing import pressure from Asia. Unions and LFI argue that nationalisation is the only way to safeguard employment and accelerate the decarbonisation of French blast furnaces. The company counters that the proposal would not fix structural problems such as global overcapacity or price distortions, and warns that isolating the French mills from the group’s European network would undermine long-term investment and competitiveness.

The government of Emmanuel Macron has taken the same line, calling the proposal a political gesture that avoids the real issues. For Industry Minister Sébastien Martin, the future of the French steel sector will be shaped not in Paris but in Brussels—through trade defence tools, CBAM enforcement and tighter action against dumped imports. The bill must now move to the Senate, where a conservative majority is expected to block it, leaving its legislative future uncertain.

For the steel industry, however, the vote is still significant. It shows how far the sector’s difficulties have entered the national political arena and how central steel has become to debates on industrial sovereignty, trade protection and the energy transition. Even if the law ultimately fails, the pressure on both Paris and Brussels to deliver a credible industrial strategy is clearly rising.

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