ArcelorMittal SA sheds more than 1,000 jobs
The steelmaker has described 2019 as an exceptionally difficult year
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.