2,000 jobs at ArcelorMittal SA are at risk following interim loss

July 10, 2019

VAAL TRIANGLE - Vaal Triangle employees of ArcelorMittal SA are worried they may also be affected after the steelmaker announced it has to reconsider 2,000 jobs. This is due to a headline loss in the six months to end-June. ArcelorMittal today said in a statement due to the difficult domestic economic environment, the SA steel industry continues to face significant challenges. The company said certain costs that are not within the company’s control, such as high electricity, rail, port, and primary raw material costs, have contributed to these challenges. ArcelorMittal said it expects to report a headline loss for the six months to end-June of at least R596 million, from headline earnings of R54 million a year before. While the company has taken steps to save costs, these alone were not enough. It said more significant measures have become necessary, including the review of staffing levels, together with other interventions.
PHOTO: (Supplied)

 

 

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