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ArcelorMittal South Africa Flags 2,000 Job Losses

Steel News - Published on Thu, 11 Jul 2019

Image Source: Reuters
Business Live reported that ArcelorMittal South Africa, after expected headline loss of ZAR 596 million in the six months, from headline earnings of ZAR 54 million a year before, said that 2,000 jobs are on the line It said “Due to the difficult domestic economic environment, the South African steel industry continues to face significant challenges. Certain costs that are not within the company’s control, such as high electricity, rail, port, and primary raw material costs, have contributed to these challenges. More significant measures have become necessary, including the review of staffing levels, together with other interventions.”

The company plans to start a consultation process and a large-scale restructuring is contemplated. It said “It is anticipated that in excess of 2,000 positions, full-time equivalents, may be affected. The final outcome and number of positions affected is subject to a formal consultation process.”

Source :

Posted By : Ratan Singh on Thu, 11 Jul 2019
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