Referenced Stocks

Market Chatter: ArcelorMittal Pulls French Bid For EU Steel Project

By Midnight Trader,  December 06, 2012, 02:47:23 PM EDT

A politically charged deal between the French government and ArcelorMittal ( MT ) to preserve jobs at an ailing steelworks looked at risk of unraveling on Thursday after the global steel giant [with ADRs on the NYSE] ditched a bid to run an EU-funded project there, Reuters reported.

It said ArcelorMittal, 40% owned by India's Mittal family, withdrew an application to use the Florange site in northern France for an EU "green steel" pilot project that Paris had hoped could keep two idled blast furnaces going.

ArcelorMittal and Prime Minister Jean-Marc Ayrault said the move did not mean the idea of using Florange for the ULCOS project to make steel with fewer greenhouse gas emissions was being permanently abandoned.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: MT



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