The measure was proposed by far-left parties in the National Assembly, and is aimed at heading off plans by ArcelorMittal to slash jobs.
The steel giant announced cost-cutting measures in Europe this year that would result in an estimated 270 job losses in France.
Far-left deputies said nationalisation was the only way to save the company and its 15,000 jobs in France. Other leftist parties voted in favour, the far right abstained and the parties that support France's minority government were against.
But while France's National Assembly is split between several groups, the Senate is dominated by centrist and centre-right parties, and is almost certain to reject the bill.
Economy Minister Roland Lescure said in a social media post Monday the vote was a "populist response to a structural problem".
Industry Minister Sebastien Martin said the law "would weaken employment instead of protecting it", and said the threat to the company comes from a "tsunami" of Asian imports that must be dealt with at the European level.
China alone produced one billion tons of steel last year, more than half of global production, far ahead of India (150 million), Japan (84 million) and the United States (79 million), according to the industry organisation World Steel.
Europe is way behind, with 37 million tons produced in Germany, 20 million in Italy, 12 million for Spain and 11 million for France.
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