The second largest steel company in the world, controlling about 4% of the global steel market, ArcelorMittal (registered in Luxembourg – EADaily) announced the layoff of 3,500 people involved in the production of long products. About what’s happening in the industry reports Turkish edition Sözcü.
We are talking about the ArcelorMittal division in South Africa. The company explained this decision by very weak demand for products and persistent infrastructure problems. The division is engaged in the production of materials for fencing, rails, rods used in the construction and mining industries, and various industries.
ArcelorMittal now plans to focus on piece castings, flat steel and tube products. The high costs of long products are already too high, here experts point to increased tariffs for railway supplies and electricity.
“In these circumstances, the board of directors and management of ArcelorMittal South Africa have no choice but to initiate the process of closing the company’s long steel production facility, which may first be transferred to maintenance and repair,” the company said in an official release.
The 3,500 people who will be left without work are not only full-time ArcelorMittal employees, but also contractors involved in production.
2023-11-28 12:52:00
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