World number-one steelmaker ArcelorMittal is preparing to shed about 10 per cent of its 17,200 strong workforce in France through the sale of two subsidiaries, according to a report in Le Figaro newspaper.

The report said the two units for sale are Solustil, which makes steel for car bodies, and WireSolutions, which makes fencing wire and nails.

It said parts of loss-making Solustil may be acquired by affiliated Italian groups Cellino and CLN, while a buyer for WireSolutions may be announced on July 7, with US fund Oaktree a leading contender.

The Amsterdam-listed company, which employs 210,000 people worldwide, could not be immediately reached for comment. – Reuters