Having visited Angela Merkel in Berlin on Friday before meeting and Barack Obama Tuesday in Washington, George Papandreou was in Paris on Sunday to win the support of Nicolas Sarkozy in the crisis in Greece. The appointment, expected by the markets lasted an hour. "Greece can count on full support of France, has hammered the head of state, after having praised the" courage "of the Greek prime minister" who has vigorously taken steps to clean up public finances "of his country. "Greece has done what the European Union asked him to do," recalled the head of state who immediately said that "if necessary, Member States of the euro area would fill too commitments they have made. "In other words, Europe will not let down one of its own.An "economic reality" to the president, a "political and moral obligation" for the European Union.
No recourse to IMF
For Nicolas Sarkozy, not "the future of Greece" is at stake is that of Europe. "The euro is our currency, it is our responsibility," he said, before announcing he would, with Angela Merkel and Jean-Claude Juncker – that has had the phone Monday – quickly "take specific measures "to fight against speculation on the euro, but say more. "We are ready and very determined, he has merely stated. Speculation that plays against Greece can happen in many countries if they can not afford to fight.We must not add a financial crisis to economic crisis itself created by financial excesses across the Atlantic. "
For his part, George Papandreou thanked his "friend" Nicolas Sarkozy for his "commitment and support staff" to help his country out of crisis. "If the speculative attacks against Greece continues, it will not be a Greek problem, but an attack against Europe and the euro," confirmed the Greek Prime Minister, who preferred a "European solution" to a possible appeal International Monetary Fund (IMF). "We do not loan to other countries in the euro area," said George Papandreou. We just want to borrow at rates similar, not identical, to other countries in the euro area.We're just asking a fair treatment. "Greece, which on Thursday lifted 5 billion market, will pay 750 million euros of interest than Germany for a loan of similar amount. "This is not viable, late Greek Prime Minister. This is not competitive. "
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LE FIGARO. – ArcelorMittal escapes shortly after the first loss in its history. Are you satisfied with this performance?
Lakshmi Mittal. – No, although, given the circumstances, we are very far out. We achieved all our objectives of lowering costs, reducing debt, adjusting our production, and have negotiated with the various unions in the world … while 2009 was one of the most difficult years for thirty years the capitalist world. The crisis is not over. The recovery will be slow and gradual. But we managed to overcome the crisis successfully.
Using your production capacity from 50% in late 2008, to 70%. Do you anticipate this year?
Our production planning is based on the request of our customers. In 2009, only 10 of its 25 blast furnaces were in production. Now, twenty are active.There remain four or five who are temporarily stopped and restarted when demand recovers. At the end of 2010, our plants should operate at 85% of their capacity. The automotive market is expected to improve slightly over fourth quarter 2009 in Europe and strong growth in emerging countries. We organize days of innovation with our major customers. We present our new products, our development programs. They are still waiting for better products, steel both stronger and lighter, and more services.
How do you make 5 billion cost-cutting announced in 2012?
This total includes 5 billion of the savings already achieved (2.7 billion Editor's note). We have implemented many measures to improve our productivity.ArcelorMittal is a great company so we can make a "benchmark" in the group! We have implemented a continuous improvement plan which aims to save $ 30 (or 20 euros) per tonne of steel produced. There were hundreds of initiatives in this area. In 2009, we managed to save 13 euros per tonne. We still have to win 7 euros. At group level, it will represent an additional saving of 1.4 billion euros. And we can still reduce our administrative costs and expenses. This will include a specialization of production sites that could be devoted to one type of product payday advance . That does not mean that we will close …
… Or that you will continue to reduce your workforce?
The group has 35 000 employees less in 2009 than in 2008.We have plans in place starting in early retirement, voluntary severance schemes … We have nothing planned as of this year. We have just completed what was started. There is no excess production capacity in Europe. In China, yes.
You also talked about the resumption of investment.
Yes. We will resume mining projects and investment in developing countries, including Brazil. We do not expect to make further acquisitions in the steel. The cost would be higher than the expansion of existing capacity. We focus on the latter solution.
The introduction of carbon tax is a threat to your business in France?
We will be less competitive in Europe. We are in discussion with the French Government, to explain the impact of this tax on our costs.I met President Nicolas Sarkozy a few weeks ago. He says he wants a strong industry in France. We'll have to find solutions. European policy in terms of CO2 is already a burden for the European steel industry, compared to our competitors in China or India. This clearly represents an additional cost, difficult to quantify but very real. Finally, the carbon tax would be inconsistent with a strong industry. But both will have to coexist.
Chinese production of steel which starts again on the rise is a threat to your industry?
Last year, net exports of Chinese steel amounted to 10 million tonnes. This year, they should not exceed 25 million tonnes. First, because the Chinese domestic demand has picked up.Then, because Chinese steel production depends on imports of raw materials, making it less competitive for export. Finally, China mainly exported to South-Eastern Asia. Nevertheless, we are always attentive. If China's exports, it can make European prices down, it already happened before 2008. There is always a risk.
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The new center-right government led by Angela Merkel won this Friday's first showdown managing to impose a package of tax breaks very controversial. After leading the revolt against the camps, the regional states Conservatives have finally adopted the plan to "stimulate growth" in the Bundesrat, the upper house of Parliament, by voting the 8.5 billion tax cuts promised by the Chancellor . These measures, intended to provide a boost to growth, will take effect from 1 January 2010.
The law includes an increase in family allowances, relief of estate costs and lower tax rates on value added tax (VAT) in hotels. The Chancellor and his ministers have negotiated hard these days to convince the heads of recalcitrant regional government by promising billions of euros in compensation.Including Saxony and Schleswig-Holstein, whose finances are particularly vulnerable by reducing taxes.
Reticence of "wise"
Failure before the Upper House would have been a blow to the government, in place since late October, and whose beginnings have been chaotic, marked by infighting and controversy. The Minister President of Hesse, Roland Koch (CDU) has welcomed this "step in the right direction.""This is an important signal showing that the Länder black-yellow (conservative liberals) support the federal government black-yellow," he said.
The government of Angela Merkel has also exceeded the reluctance of the Court of Auditors and "wise", the government's economic advisers, and many economists, who consider irresponsible to offer tax breaks while Germany plans to contract a debt record 100 million euros in 2010. They also believe that these tax incentives will not impact on growth.
In its coalition agreement the Liberal-Conservative government of Merkel provides additional tax cuts of around 24 billion euros in 2011. Roland Koch prognostic already "talks tough and violent," to take the next tax cuts.
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Good news: industry recruits even in this difficult year. This year, there should be about 50,000 recruits. The dual is scheduled for next year and years to follow. "Look, there is no new jobs, warned Frederic Saint Geours, president of L'Union des Industries et Métiers de la Métallurgie (UIMM), but the renewal of generations."
Bad news: the industry has difficulty recruiting. To attract young, the UIMM launches communication campaign entitled "It is done by performing." Meanwhile, the UIMM put in place a mechanism to facilitate contracts and apprenticeship. Large companies are better equipped than small to provide training. Or, are smaller companies that have the greatest needs "summarizes Frederic Saint-Geours.The board therefore UIMM on a course of learning that take place in a large company with prospects of employment with a subcontractor or other entity of the same pool of jobs.
Financial support for industrial
The UIMM has also set up three funds, with respectively 10, 20 and 50 million euros and are for financial
– Innovation in the industry,
– Employment in industry
– SME development.
This may include funds allocated equity loans to companies that are struggling to complete financing for investments or developments.
The UIMM represents 45,000 businesses employing 1.8 million employees. "There is no strong economy without strong industry," said Frederic Saint-Geours.85% of R & D expenditures in France are in industry, 75% of researchers and developers working for industry and 85% of French exports are products made from industry.
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