Finance Minister Colm Imbert has ruled out the possibility of the Government accepting to purchase ArcelorMittal's Point Lisas plant at this time.
ArcelorMittal has offered the Government the company at a cost of just $1 but in doing so, the Government must also accept the debts of the company.
Finance Minister Colm Imbert will meet with the management of ArcelorMittal and representatives of the workers in two separate meetings on Friday, as the Government considers the way forward.
ArcelorMittal has offered to sell the company to the Government for $1 but there are reports that the company is in $1.3 billion debt.
ArcelorMittal says it hopes to settle termination payments by the end of this month and says it has no intention of appealling the decision of the Industrial Court last week.
The company says the payments will be close to three-month's salary and will be in accordance with the collective agreements
The company issued the following statement this afternoon:
The National Trade Union Centre (NATUC) believes the closure of ArcelorMittal is a blessing in disguise as it can set the stage for new laws to protect workers.
NATUC issued a statement this morning challenging the Government to review the Severance Benefits Act and the Companies Ordinance.
The following is NATUC's statement: