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ArcelorMittal SA to begin another 'large-scale' restructuring

VAAL TRIANGLE - ArcelorMittal South Africa yesterday announced that it will embark on a "large-scale restructuring" which will affect an unknown number of jobs. The company’s operations have been taking strain from the economic shock caused by the coronavirus pandemic. ArcelorMittal SA in January already announced 1 000 job cuts in a bid to rein in costs, but yesterday said in a statement that "cost-saving initiatives previously implemented will not be sufficient". It said a large-scale restructuring is contemplated, and the number of jobs impacted will depend on the alternatives identified and agreed to mitigate the impact. The company anticipates that it will take some time for crude steel production levels to return to historical levels or planned levels of 2020. Therefore, a significant part of the company’s available production capacity may remain unutilised for an extended period.

PHOTO: (Supplied)

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