ArcelorMittal announces cost cuts & job losses
ArcelorMittal announces cost cuts & job losses
Paris: ArcelorMittal, the world’s leading steelmaker, announced a cost-cutting programme on Wednesday to save $4.0 billion over five years, and including unspecified job losses.
The plan would involve productivity gains and job cuts via redundancy packages and voluntary retirement, normal departures and rationalisation, it said.
A spokesman said that he had no additional information on the scale of job cuts. The group employs 320,000 people in about 60 countries.
The company, which was meeting investors in London on Wednesday, said that the cuts were intended to raise productivity, reduce energy consumption and lower production costs.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!