Tuesday December 02, 2008

• Tweet

By Sam Devraj  ( Assistant Editor )

ArcelorMittal says it will cut 2,400 jobs in US

THE world's biggest steelmaker ArcelorMittal said yesterday it would slash about 2,400 jobs at its factory in the US state of Indiana by mid-January because of a drop in orders.The announcement will be effective by the second-half of January, a company spokesman said, owing to 'the current economic climate'."The measures come in the framework of a 40-per cent drop in production in North America," or slightly more than the average 35-per cent production cut which ArcelorMittal had estimated earlier this month for its factories worldwide.ArcelorMittal doubled its fourth-quarter output cut to 30 per cent in early November, reflecting a drop in demand brought on by the global financial crisis. The move sent the price of its shares plunging.The steelmaker employs about 35,500 workers in North America

Comments...

Do you have comments on this?

Name : *

Comment : *