ArcelorMittal CEO met with Labour Minister over small window for job solution

VAAL TRIANGLE - ArcelorMittal South Africa CEO, Kobus Verster, has warned of a very small window to find a solution for the company’s dire financial situation. Verster met with Employment and Labour Minister Nomakhosazana Meth in Vanderbijlpark on Friday to discuss the crisis. The urgent talks follow the steel giant’s recent announcement to cut 3,500 jobs in Vereeniging and Newcastle. Verster cited slow economic growth, high energy costs, and declining revenue—expected to drop over 5% in 2024—as key issues. He also called for urgent government intervention on export laws, taxes, and market imbalances. Minister Meth described the meeting as “fruitful” but emphasized the need for further action. Meth said while job losses seem inevitable, all parties are working together to explore solutions. The Department of Trade and Industry is expected to lead further discussions to help stabilize the steel industry.