French President Francois Hollande has ordered an independent commission to assess the future of global steelmaker ArcelorMittal's Florange steel plant located in France which was idled last year due to weak demand, according to media reports.
Hollande's Industry Minister Arnaud Montebourg is quoted saying, "We ask ArcelorMittal not to take any decision which would question the viability of the plant so the government can designate an independent commission of experts on the industrial perspectives of Florange." Minister Montebourg will also arrange meetings with his counterparts in Belgium, Spain, Germany and Luxembourg where the company has operations, with a view to cooperating regarding ArcelorMittal's situation. The commission is expected to announce its findings by July 30.
Meanwhile, the steelmaker has decided to keep the Florange plant idle for another six months due to the prolonged weakness in European steel demand. In March, the company agreed to invest $17 million to restart the steel plant, as SteelOrbis previously reported.