French nuclear company Areva is in trouble after announcing billions of euros in losses

Nuclear manufacturer Areva has announced a 4.8 billion euro loss for 2014, more than its entire market value, plunging the powerful French nuclear industry into turmoil.

The French government said Wednesday it’s working closely with Areva to restructure and secure financing, and would “take its responsibility as a shareholder” in future decisions about its direction. French news media reported it might merge with utility Eléctricité de France.

Areva reported Wednesday 1 billion euros in losses on three major nuclear projects in Finland and France, among other losses.

The company has suffered years of losses linked to those projects and wariness toward nuclear energy since the 2011 Fukushima accident.

Areva supplies nuclear plants around the world. The industry employs 220,000 people in France, more dependent on atomic power than any other country.

(AP)