Hasbara Buster
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Capitalism sucks.
French minister says Mittal "not welcome" in France
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IndoCarib
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London mayor mocks France for anti-Mittal stance
NEW DELHI: Mocking the French government for asking steel giant ArcelorMittal to leave France, London Mayor Boris Johnson, who is on a visit here, today said "sans-culottes"(working class militants) "appear to have captured" Paris.
Describing a 115-metre ArcelorMittal steel tower - Orbit - at the Olympics Park in London as fusion of friendship between India and UK, Johnson said, "I say this on a day when I picked up a newspaper and I see sans-culottes appear to have captured the government of Paris and a French Minister has been so eccentric as to call for a massive investor to depart"
London mayor mocks France for anti-Mittal stance - The Times of India
NEW DELHI: Mocking the French government for asking steel giant ArcelorMittal to leave France, London Mayor Boris Johnson, who is on a visit here, today said "sans-culottes"(working class militants) "appear to have captured" Paris.
Describing a 115-metre ArcelorMittal steel tower - Orbit - at the Olympics Park in London as fusion of friendship between India and UK, Johnson said, "I say this on a day when I picked up a newspaper and I see sans-culottes appear to have captured the government of Paris and a French Minister has been so eccentric as to call for a massive investor to depart"
London mayor mocks France for anti-Mittal stance - The Times of India
Chinese-Dragon
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The French economy is in the sh*t, and Mittal just announced that they are going to start closing down factories and laying off workers.
What did you expect?
What did you expect?
surya kiran
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This is just the start. Even their car manufacturers are planning on shutting shop.
France's Hollande in Mittal nationalisation warning
French President Francois Hollande has met the owner of steel giant Arcelor Mittal, after saying he would discuss nationalising one of its plants.
He earlier said nationalisation would be "part of the subjects of the discussion" when he met Lakshmi Mittal.
The multinational has given the government until Saturday to find a buyer for two furnaces at its steel plant in Florange.
It has refused to sell the entire site, for which two offers have been made.
The move has angered the government as well as the 629 workers at the plant in the traditional steel town in north-eastern France who face losing their jobs.
"We are concerned about the situation in Florange, because there is a risk that the furnaces will be shut down definitively: that's Mr Mittal's intention, and we've argued that there could be other offers," Mr Hollande told reporters, shortly before meeting Mr Mittal.
The Indian-born chief executive came and went from the Elysee Palace by the back door, but the outcome of the meeting was not yet known, BBC Paris correspondent Christian Fraser said.
'Temporary mechanism'
Arcelor Mittal - which employs some 20,000 people across France - announced in October that it intended to shut down the Florange plant's already inactive furnaces, saying they were uncompetitive in such difficult trading times.
Continue reading the main story
“Start Quote
This is not about returning to an older way of thinking, carrying out massive, general, permanent nationalisations”
Pierre Moscovici French Finance Minister
The company gave the government 60 days in which to find a buyer for the furnaces, a deadline which expires on Saturday.
The move provoked an angry reaction from the French government, which accused Arcelor Mittal of breaking a 2006 commitment to keep the blast furnaces running - a claim denied by the steel giant - and criticised the firm for refusing to sell off the site as a whole.
France's minister for industrial recovery, Arnaud Montebourg, accused the steelmaker on Monday of "lying" and "disrespecting" the country. He has since retracted a remark that Arcelor Mittal was no longer welcome in France.
French Finance Minister Pierre Moscovici has sought to play down fears that Mr Hollande's Socialist government might be seeking to nationalise large firms on a permanent basis.
He described the possible nationalisation of the Florange plant as a "temporary mechanism".
"This is not about returning to an older way of thinking, carrying out massive, general, permanent nationalisations," AFP news agency quoted him as saying, after a meeting with US and British investors in Paris.
But business leaders in France have expressed concern that the government's rhetoric is undermining confidence in French industry, our correspondent says.
Mr Hollande's meeting with Mr Mittal came on the day when French unemployment figures rose again, to its highest level since April 1998.
The number of people looking for work rose by 45,400 in October to top 3.1 million, labour ministry figures showed.
BBC News - France's Hollande in Mittal nationalisation warning
French President Francois Hollande has met the owner of steel giant Arcelor Mittal, after saying he would discuss nationalising one of its plants.
He earlier said nationalisation would be "part of the subjects of the discussion" when he met Lakshmi Mittal.
The multinational has given the government until Saturday to find a buyer for two furnaces at its steel plant in Florange.
It has refused to sell the entire site, for which two offers have been made.
The move has angered the government as well as the 629 workers at the plant in the traditional steel town in north-eastern France who face losing their jobs.
"We are concerned about the situation in Florange, because there is a risk that the furnaces will be shut down definitively: that's Mr Mittal's intention, and we've argued that there could be other offers," Mr Hollande told reporters, shortly before meeting Mr Mittal.
The Indian-born chief executive came and went from the Elysee Palace by the back door, but the outcome of the meeting was not yet known, BBC Paris correspondent Christian Fraser said.
'Temporary mechanism'
Arcelor Mittal - which employs some 20,000 people across France - announced in October that it intended to shut down the Florange plant's already inactive furnaces, saying they were uncompetitive in such difficult trading times.
Continue reading the main story
“Start Quote
This is not about returning to an older way of thinking, carrying out massive, general, permanent nationalisations”
Pierre Moscovici French Finance Minister
The company gave the government 60 days in which to find a buyer for the furnaces, a deadline which expires on Saturday.
The move provoked an angry reaction from the French government, which accused Arcelor Mittal of breaking a 2006 commitment to keep the blast furnaces running - a claim denied by the steel giant - and criticised the firm for refusing to sell off the site as a whole.
France's minister for industrial recovery, Arnaud Montebourg, accused the steelmaker on Monday of "lying" and "disrespecting" the country. He has since retracted a remark that Arcelor Mittal was no longer welcome in France.
French Finance Minister Pierre Moscovici has sought to play down fears that Mr Hollande's Socialist government might be seeking to nationalise large firms on a permanent basis.
He described the possible nationalisation of the Florange plant as a "temporary mechanism".
"This is not about returning to an older way of thinking, carrying out massive, general, permanent nationalisations," AFP news agency quoted him as saying, after a meeting with US and British investors in Paris.
But business leaders in France have expressed concern that the government's rhetoric is undermining confidence in French industry, our correspondent says.
Mr Hollande's meeting with Mr Mittal came on the day when French unemployment figures rose again, to its highest level since April 1998.
The number of people looking for work rose by 45,400 in October to top 3.1 million, labour ministry figures showed.
BBC News - France's Hollande in Mittal nationalisation warning
Hellraiser007
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Delusional Indian hater.
Fact is India is increasing the foot print in Europe which is pissing some people here.
hankau62
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Link
French minister Mr Montebourg failed earlier to save a Peugeot plant. Its closing. Now he want to save himself by taking the fight to mittal to show that he means business. He doesnot know that by direct confrontation will harm the country environment in long run. Also apart from french law, EU law also apply. so things will not be easy at it seems.
French minister Mr Montebourg failed earlier to save a Peugeot plant. Its closing. Now he want to save himself by taking the fight to mittal to show that he means business. He doesnot know that by direct confrontation will harm the country environment in long run. Also apart from french law, EU law also apply. so things will not be easy at it seems.
No end to Lakshmi Mittal-France faceoff
LONDON: Arcelor Mittal CEO LN Mittal's row with the French government over the closure of two blast furnaces in France has all the hallmarks of blowing up into a classic Ango-Indian-French controversy, what with London's intrepid mayor Boris Johnson jumping into the fray.
Mittal's current problems in France are eerily reminiscent of the bitter opposition the India-born businessman faced from Arcelor's executives and French interests with his contested takeover of the company in 2006.
Since then, LN Mittal has grown to be the richest man in the UK, and an undisputed titanBSE 1.51 % on the steel horizon. The last year, however, has not been good for the European steel industry, and Arcelor Mittal's share price has fallen 20%. Steel demand in Europe has dropped by almost a quarter since the 2008 downturn, and experts say endemic overcapacity in Europe is about 20%. Just last week, Tata SteelBSE 1.22 %, which showed a shock loss because of European operations, said it would have to cut about 900 jobs in the UK to deal with the downturn.
Boris Johsnon, London's irrepressible mayor, made headlines across Europe with his statement that revolutionaries are taking over France, and spouted for investors to come to London instead - a statement that has apparently enraged the French, never on the same page as the English.
The future of the Florange plants, which employs about 600 people, will likely have major ramifications both in France and Europe. First, France's feisty industry minister Arnaud Montebourg accused Arcelor Mittal of "blackmail and lying," a statement that sources close to the Mittal family said were "deeply shocking, mainly because of the personal accusations".
Minutes before a high level one-on-one meeting with French president Francois Hollande, the president threatened to nationalise not just the blast furnaces at Florange, but the whole complex. France recently doled out 7 billion to nationalise and keep alive the operations of Peugot-Citroen, a move that needs EU clearance and wasn't appreciated in the rest of Europe.
After the bilateral meeting, which reports say were "businesslike" both sides seem to be sticking to their guns. Arcleor Mittal, which has its major operations in France and employs 20,000 people in the country over 50 different locations has said that the fate of Florange would affect the rest of its industrial operations in France, but French operations are also the biggest chunk of Arcelor Mittal's global portfolio.
Hollande reportedly asked for guarantees for the 600 odd jobs, or else for the whole complex. Arcelor Mittal is in no mood to sell its high-end cold steel business, which supplies high tech steel to the automotive industry and employs 2,000 people.
Arcelor has agreed to try and find buyers for the blast furnace by December 1, the deadline to close the furnaces. Blast furnaces can be left idling - but that costs money - but once closed cannot be re-opened in a hurry. As of now, the official stance on both sides seem to be that Hollande is insisting on either a jobs guarantee, or a keeping all options and discussions, including nationalisation open. Arcelor Mittal believes it needs to shut these useless units, later if not sooner.
INterested Buyer
France said late on Wednesday that it had an investor willing to invest 400 million ($515 million) in the steel plant at the centre of a bitter row between the government and its owner ArcelorMittal, agencies report.
ArcelorMittal, which wants to continue to operate the rest of the site, has given the government until Saturday to find a new investor willing to take over the furnaces.
"We have a buyer, who is a steelman, an industrialist, who is not a financier, who wants to invest his own money and who is ready to put almost 400 million into renovating this plant," Arnaud Montebourg, the minister for industrial renewal told deputies.
No end to Lakshmi Mittal-France faceoff - The Economic Times
LONDON: Arcelor Mittal CEO LN Mittal's row with the French government over the closure of two blast furnaces in France has all the hallmarks of blowing up into a classic Ango-Indian-French controversy, what with London's intrepid mayor Boris Johnson jumping into the fray.
Mittal's current problems in France are eerily reminiscent of the bitter opposition the India-born businessman faced from Arcelor's executives and French interests with his contested takeover of the company in 2006.
Since then, LN Mittal has grown to be the richest man in the UK, and an undisputed titanBSE 1.51 % on the steel horizon. The last year, however, has not been good for the European steel industry, and Arcelor Mittal's share price has fallen 20%. Steel demand in Europe has dropped by almost a quarter since the 2008 downturn, and experts say endemic overcapacity in Europe is about 20%. Just last week, Tata SteelBSE 1.22 %, which showed a shock loss because of European operations, said it would have to cut about 900 jobs in the UK to deal with the downturn.
Boris Johsnon, London's irrepressible mayor, made headlines across Europe with his statement that revolutionaries are taking over France, and spouted for investors to come to London instead - a statement that has apparently enraged the French, never on the same page as the English.
The future of the Florange plants, which employs about 600 people, will likely have major ramifications both in France and Europe. First, France's feisty industry minister Arnaud Montebourg accused Arcelor Mittal of "blackmail and lying," a statement that sources close to the Mittal family said were "deeply shocking, mainly because of the personal accusations".
Minutes before a high level one-on-one meeting with French president Francois Hollande, the president threatened to nationalise not just the blast furnaces at Florange, but the whole complex. France recently doled out 7 billion to nationalise and keep alive the operations of Peugot-Citroen, a move that needs EU clearance and wasn't appreciated in the rest of Europe.
After the bilateral meeting, which reports say were "businesslike" both sides seem to be sticking to their guns. Arcleor Mittal, which has its major operations in France and employs 20,000 people in the country over 50 different locations has said that the fate of Florange would affect the rest of its industrial operations in France, but French operations are also the biggest chunk of Arcelor Mittal's global portfolio.
Hollande reportedly asked for guarantees for the 600 odd jobs, or else for the whole complex. Arcelor Mittal is in no mood to sell its high-end cold steel business, which supplies high tech steel to the automotive industry and employs 2,000 people.
Arcelor has agreed to try and find buyers for the blast furnace by December 1, the deadline to close the furnaces. Blast furnaces can be left idling - but that costs money - but once closed cannot be re-opened in a hurry. As of now, the official stance on both sides seem to be that Hollande is insisting on either a jobs guarantee, or a keeping all options and discussions, including nationalisation open. Arcelor Mittal believes it needs to shut these useless units, later if not sooner.
INterested Buyer
France said late on Wednesday that it had an investor willing to invest 400 million ($515 million) in the steel plant at the centre of a bitter row between the government and its owner ArcelorMittal, agencies report.
ArcelorMittal, which wants to continue to operate the rest of the site, has given the government until Saturday to find a new investor willing to take over the furnaces.
"We have a buyer, who is a steelman, an industrialist, who is not a financier, who wants to invest his own money and who is ready to put almost 400 million into renovating this plant," Arnaud Montebourg, the minister for industrial renewal told deputies.
No end to Lakshmi Mittal-France faceoff - The Economic Times
Didn't india award $20 billion fighter contract to French? So what happened to indian leverage? Would india be willing to use its contract to play hard ball with French? Or French concluded that leverage boat has sailed?
Many interesting angles of economy, defense and geo politics.
Many interesting angles of economy, defense and geo politics.
livingdead
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That was a different govt. This is a leftist govt, and their priorities are different. They may not even want to sell jets, lol.
On Indian side, mittal should have friends in Indian govt who can fight on behalf of him. During arcelor merger the commerce minister did lobby but not sure if he is still the minister.
Thorough Pro
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Sorry, we didn't now being booted out of a country is regular business for you guys!
Lying to French government, bank fraud in Afghanistan bank, paymnet fraud to suppliers in China, defective supplies to Bangladesh............... and these guys want Pakistan to give them MFN.
Lying to French government, bank fraud in Afghanistan bank, paymnet fraud to suppliers in China, defective supplies to Bangladesh............... and these guys want Pakistan to give them MFN.
Skull and Bones
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If a minister's statement meant everything for you guys, then Pakistan would have been nuked by the west couple of times, recently by the British.
There's something called official statement, don't know you guys are aware of that or not.
asianamerican
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I say F*** the French. After what the Frenchies did to the Ivory Coast, Libya, and their fanatic stances on Syria. France should be boycotted. I have no respect for French people and their attitude. I hope they put those 20000 people out of a job and people stop buying their crap luxury goods.
Let the french mire in their own ****.
Let the french mire in their own ****.
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