Reuters reported that Mr Arnaud Montebourg Industry Minister of France has told that there is an industrialist willing to invest EUR 400 million to renovate ArcelorMittal's Florange steelworks in northeast France.

Raising pressure on ArcelorMittal to agree to a sale, Mr Montebourg told lawmakers the interested party is a private investor from the steel industry who wanted to inject money into the site with the financial backing of the French state.

Mr. Montebourg, without giving the potential buyer's identity, told parliament "The party is ready to invest nearly EUR 400 million to renovate this site."

France has raised the prospect of the site being taken temporarily into state hands if ArcelorMittal refuses to keep two threatened blast furnaces running.