AFAICT, the French government doesn't have any stake in Arcelor. 85% of its shares belong to individual investors. The largest single shareholder is the government of Luxembourg, and they have only a 5.9% stake.

It does employ 30,000 people in France, but so what? McDonalds employs 50,000 and yet the state can't even be bothered to protect their franchises from being ransacked in broad daylight.