French trade unions accused President Francois Hollande of betrayal on Saturday after his government backed away from a threat to nationalise ArcelorMittal's Florange steelworks.
The Socialist government said on Friday it had won promises from the company to avoid forced redundancies and inject $233m to develop the Florange plant, meaning it would no longer have to take over the site.
ArcelorMittal confirmed the details of the deal on Saturday, saying it would negotiate a voluntary redundancy deal with unions.
Al Jazeera's Peter Sharp reports.
Source: Al Jazeera