France’s National Assembly approved a proposal to nationalize ArcelorMittal, the country’s largest steelmaker, in a vote that boosted the left but prompted resistance from the government. The bill, led by the hard-left France Unbowed (LFI) and supported by Socialists, Greens, and Communists, passed by 127 votes to 41. The far-right National Rally abstained, while lawmakers allied with President Emmanuel Macron opposed the measure.

The proposal is expected to face tougher prospects in the Senate, dominated by centrists and the right. Finance Minister Roland Lescure criticized the move, which would not address unfair global competition. Industry Minister Sébastien Martin warned that the bill offers only the illusion of protection, noting broader challenges such as declining European demand and rising production costs.

ArcelorMittal employs more than 7,000 workers in northern France and plans to cut around 270 jobs. Left-wing MPs argue nationalization is necessary to secure employment, though the plan carries an estimated EUR3 billion price tag.