France announces ArcelorMittal steelworks deal

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Government backs away from threat to nationalise steelworks, saying it secured promises from owner ArcelorMittal over investment and jobs.

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The French government backed away on Friday from a threat to nationalise a steelworks, saying it secured promises from the owner, ArcelorMittal, to invest and avoid any forced layoffs at the site where the company has idled two blast furnaces, reports Reuters.