ArcelorMittal reiterates its "intention" to invest 1.2 billion euros in Dunkirk, but maintains its social plan

Steelmaker ArcelorMittal reaffirmed on Thursday its "intention" to invest 1.2 billion euros in the decarbonization of its Dunkirk site (North), provided that Brussels implements its measures to protect European steel, without however calling into question the job cuts announced in France .

The group confirms "its intention to invest in a first electric furnace at its Dunkirk site, for an amount of approximately €1.2 billion," given the measures taken by Brussels, which are "a step in the right direction," the group said in a press release. A firm and definitive decision will have to wait "until after the summer," according to ArcelorMittal France President Alain Le Grix de la Salle.

"The measures we are expecting are twofold (...): trade defence measures to limit imports to 15% of the market and a carbon border adjustment mechanism. These measures will allow us to re-establish fair competition on the European steel market and therefore to play on a level playing field," he declared during an online press briefing, estimating that they "should be in place soon, in the coming months, after the summer."

"So, I won't talk about conditionality, that's an intention, but we really want to give the meaning and confidence that we have in saying that very, very soon, we will decide and we will confirm," he added.

However, he ruled out any abandonment of the proposed plan to cut 636 jobs in France, in support functions and production: "These are two separate issues. The current job cuts are intended to make the Dunkirk sites more competitive. And now we are talking about and confirming our intention (to invest) to provide visibility, because we are much more confident than we were two or three months ago," he declared.

At the end of 2024, ArcelorMittal suspended its massive investment project - worth €1.8 billion, including more than €800 million in aid promised by the State - in the decarbonization of its Dunkirk blast furnaces, arguing that steel produced in Europe was uncompetitive.

European steel is caught between falling consumption on the Old Continent, competition deemed unfair from low-cost steel, particularly from China, high energy prices in Europe and, now, new customs duties imposed by the United States.