Arcelormittal SA says more than 1 000 job cuts are finalised

VAAL TRIANGLE - Arcelormittal South Africa yesterday said it had finalised job cuts affecting more than 1 000 employees as it attempted to cut costs. It announced the "large-scale employee reorganisation" in July 2019. In a statement released yesterday afternoon, Arcelormittal said it had experienced a challenging year and an "intense focus was placed on cash preservation". It said a large-scale employee reorganisation, as announced on SENS on 10 July 2019, has been largely finalised and resulted in a reduction of over a thousand own employees. Additionally, a significant repricing and rescoping of sub-contractor services will be completed by the end of the first quarter of 2020. It said the restructuring is in line with the company’s long-term sustainability programme. Fin24 reports the earliest plan on the agenda was the closing down of Saldanha Works, an export-focused plant in Cape Town. The process is expected to be completed by the end of the first quarter of 2020. PHOTO: (Supplied)