ArcelorMittal announces cost cuts & job losses

ArcelorMittal announces cost cuts & job losses
AFP
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First Published: Wed, Sep 17 2008. 03 04 PM IST
Updated: Wed, Sep 17 2008. 03 04 PM IST
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.
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First Published: Wed, Sep 17 2008. 03 04 PM IST
More Topics: France | Acrelor Mittal | Steel | Company | Jobs |