Russia Threatens ArcelorMittal: Poor Timing

| About: ArcelorMittal (MT)
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Russia’s Kemerovo region has notified ArcelorMittal (NYSE:MT) that it will seize two of the world’s largest steel maker’s mines if production levels do not increase, the Siberian region’s government said in a statement, Reuters reported. “If your team is not able to stabilize production at these facilities, then we propose that you hand them over without compensation.”

From here. How dare you try to stay profitable in the face of a global downturn. Russia could somewhat afford this kind of behavior when benefitting from a global commodities boom, but can't now. It's a bad time to be further scaring companies out of your country.