(3 minutes read)
· ArcelorMittal South Africa is now embarking on a large-scale restructuring which will affect an unknown number of
jobs.
· The global steel manufacturer has about 190 000 employees worldwide.
· ArcelorMittal South Africa, Africa’s largest steel producer, said last month that it would return to full production if demand
picks up.
The impact of Covid-19 has caused demand for steel to plummet. ArcelorMittal South Africa is now embarking on a large-scale restructuring which will affect an unknown number of jobs. The global steel manufacturer has about 190 000 employees worldwide.
The company has announced restructuring plans to minimize economic shock caused by the coronavirus pandemic. Sasol, another South African
company b has also started talks with unions to cut jobs as part of its cost saving strategy as reported by www.trendsnafrica.com . It may be recalled that ArcelorMittal SA in January announced 1000 job cuts. It is now hinting at further retrenchment as cost-saving
nitiatives since the previous measures did not yield results in reducing the cost.
ArcelorMittal South Africa, Africa’s largest steel producer, said last month that it would return to full production if demand picks up.
Only in February, the company received a green light from the Competition Tribunal to acquire the steel and rail manufacturing business of Highveld Structural Mill in a deal worth R300 million.
