ArcelorMittal to cut 2,000 jobs in South Africa
5 years, 5 months ago

ArcelorMittal to cut 2,000 jobs in South Africa

Live Mint  

Global steel giant ArcelorMittal said Wednesday it could slash nearly a quarter of its workforce in South Africa in a bid to curb costs as it expects to fall into the red in the first six months of this year. South Africa's banks, mining and construction sectors have signalled mass layoffs as gross domestic product contracted by 3.2% in the first three months of 2019. ArcelorMittal said that "due to the difficult domestic economic environment, the South African steel industry continues to face significant challenges." ArcelorMittal -- which supplies more than 70% of South Africa's steel -- said that it expects to turn in a loss for the first six months, triggering a sharp drop in its share price.

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History of this topic

ArcelorMittal Nippon Steel to invest ₹1.02 lakh cr. in Odisha
3 years ago

ArcelorMittal Nippon Steel to invest ₹1.02 lakh cr. in Odisha

The Hindu  

The Odisha government on Friday approved ArcelorMittal Nippon Steel’s proposal to set up a 24 million tonne per annum integrated steel plant in Mahakalpara block of Kendrapara district at an estimated investment of ₹1.02 lakh crore. Touted to be the largest project in the country’s manufacturing sector, the proposed facility of AM/NS, would produce various grades of steel with its …

ArcelorMittal reports best quarter in a decade
3 years, 8 months ago

ArcelorMittal reports best quarter in a decade

Hindustan Times  

ArcelorMittal SA reported its highest quarterly profit in a decade as steel prices soared amid a commodities boom that’s touched everything from copper to corn. The biggest steelmaker outside China said it now expects steel demand this year—a key barometer for global economic growth—to be at or above the upper range of its February forecast. The resulting boom has pushed …

ArcelorMittal Names Aditya as New CEO, Plans $1 Billion Cost Savings, Axeing 20% of Office Staff
3 years, 10 months ago

ArcelorMittal Names Aditya as New CEO, Plans $1 Billion Cost Savings, Axeing 20% of Office Staff

News 18  

ArcelorMittal, the world’s largest steelmaker, plans to cut 20% of its office staff in a $1 billion cost-reduction plan, it said on Thursday after posting higher than expected fourth-quarter earnings and restored dividend payments. Though the COVID-19 pandemic hammered demand last year, ArcelorMittal said it had benefited from a gradual recovery towards the end of the year, with higher steel …

ArcelorMittal reports $1.9 bn net loss in Oct-Dec
4 years, 11 months ago

ArcelorMittal reports $1.9 bn net loss in Oct-Dec

The Hindu  

Global steel giant ArcelorMittal on Thursday reported a net loss of loss of $1.9 billion for the quarter ended December. The world’s largest steel maker had posted a net income of $1.2 billion in the year-ago quarter, the company said in a statement. The company reported a “net loss attributable to equity holders of the parent” of $1.9 billion in …

Despite cost and steel downturn, time is right for ArcelorMittal to enter India
5 years, 1 month ago

Despite cost and steel downturn, time is right for ArcelorMittal to enter India

Live Mint  

ArcelorMittal is the largest steel producer in the world. On Friday, the Supreme Court cleared the deck for ArcelorMittal to enter India by buying out a stressed steel mill with 10 mt of capacity. Almost 650 days have passed since ArcelorMittal showed interest in the Essar assets, and today, with the sale nearing conclusion, the steel cycle has turned and …

ArcelorMittal to shut Saldanha plant in South Africa; 1000 workers affected
5 years, 1 month ago

ArcelorMittal to shut Saldanha plant in South Africa; 1000 workers affected

Live Mint  

Johannesburg: The world's largest steel maker ArcelorMittal's South Africa unit has said it will retrench nearly 1,000 workers and shut down its Saldanha plant due to severe financial losses, amid a global downturn in the steel industry. "This difficult decision was taken in the context of constructive ongoing engagements with key stakeholders, including government and organised labour, to find alternative …

ArcelorMittal to shut Saldanha steel plant in South Africa
5 years, 1 month ago

ArcelorMittal to shut Saldanha steel plant in South Africa

India TV News  

ArcelorMittal's South Africa unit on Monday announced it was shutting its steel operations at Saldanha, which was suffering "severe financial losses". The company, majority-owned by ArcelorMittal, announced on its website that "568 people work at the plant which has produced steel products for more than two decades." As part of a strategic review of its operations, the steel manufacturer found …

ArcelorMittal to explore sale of construction business
5 years, 3 months ago

ArcelorMittal to explore sale of construction business

Live Mint  

ArcelorMittal, the world’s biggest steelmaker, is exploring a sale of a downstream construction business as it divests peripheral operations, people familiar with the matter said. The business could fetch about 700 million euros to 800 million euros, the people said, asking not to be identified because the discussions are private. A sale is likely to kick off in the fourth …

ArcelorMittal readies India team to run Essar Steel
5 years, 9 months ago

ArcelorMittal readies India team to run Essar Steel

Live Mint  

Mumbai: As ArcelorMittal SA inches closer to its first acquisition in India, the Luxembourg-based steel giant is readying a crack team that can take control of Essar Steel as soon as the deal is completed. ArcelorMittal has given Korn Ferry the mandate to review the management team at Essar Steel and hire for senior positions, said two other people aware …

ArcelorMittal’s S African subsidiary registers 1st profit in nearly decade
5 years, 11 months ago

ArcelorMittal’s S African subsidiary registers 1st profit in nearly decade

Live Mint  

Johannesburg: Steel giant ArcelorMittal's South African subsidiary AMSA has registered its first profit in nearly a decade, largely due to cost-cutting measures, higher international steel prices and higher sales volumes. ArcelorMittal SA, which was born out of ArcelorMittal Chairman and CEO Lakshmi N Mittal's buyout of state steel manufacturer Iscor nearly two decades ago after the steel magnate first rescued …

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