ArcelorMittal SA steels itself for deep cuts as demand plummets
The group swung into a loss of R2.6bn in its six months to end-June after output halved due to Covid-19
Africa’s largest steel producer, ArcelorMittal SA, is gearing up for deep cuts, including jobs, as it warns of a fall in demand for its products.
The company, which has had operational woes stemming from weak prices and falling demand compounded by the pandemic, will slash fixed costs by a further 30%. This would imply almost R800m in cuts after it brought down its expenses by 38%, or R1.6bn, in the six months to end-June to R2.6bn.