Africa’s largest steelmaker, ArcelorMittal SA said on Thursday that it has cut more than 1,000 jobs as part of steps to reduce costs, while warning of big financial losses in the 2019 financial year.  

In July 2019, the company said as many as 2,000 jobs were on the line as it grappled with lower selling prices, falling demand and rising input costs, such as from iron ore. In what it said was “an exceptionally difficult year”, ArcelorMittal SA also bemoaned increases in electricity, port and rail costs.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now