In short, Arcelor Mittal should go into bankruptcy and all its assets frozen and put up for sale to recoup funds necessary to pay its creditors without any government involvement.
As with normal bankruptcy proceedings investors, creditors etc. would have to join the pecking order to receive portions of outstanding debts.
No pumping of tax dollars into a failed company, no tens of millions of dollars on a moot commission of inquiry with high priced lawyers, no selling of assets at discounted prices to political friends, no corporate welfare or bail out.
Surely, workers would permanently loose their jobs but this is the risk involved in operating in any market place.
Workers are now free to serve other citizens of Trinidad and Tobago's market place - i.e. a form of "creative destruction".
When it is all said and done; poor assets would have rightly been liquidated and other entrepreneurs would have the opportunity to purchase these assets and apply a more sound business models.
Note well that failure also serves as a warning signal to other companies to avoid undue risk and mismanagement.
P.S. This philosophy should also apply to state companies.