ArcelorMittal South Africa to cut 2 000 jobs

Sat, 30 May 2020

ArcelorMittal South Africa to cut 2 000 jobs

News24
10 Jul 2019, 22:13 GMT+10

ArcelorMittal South Africa may cut more than 2 000 jobs as part of a widespread restructuring to cut costs. The shares plunged.

South Africa's steel industry is suffering from high costs for electricity and raw materials, and has been hit by the weak local economy, the company said in a statement on Wednesday. It expects to report a loss in the first half and said earnings excluding some items will fall by at least R650 million.

"Due to the difficult domestic economic environment, the South African steel industry continues to face significant challenges," the company said. "More significant measures have become necessary, including the review of staffing levels."

The shares tumbled as much as 17%, the biggest intraday drop in 14 months. The stock was down 10% as of 10:19 in Johannesburg.

The company is majority owned by ArcelorMittal, which ranks as the world's biggest steelmaker and has been struggling with weaker demand and lower steel prices in its key markets.

It announced output cuts in Europe last month as the market came under pressure, with US tariffs deflecting shipments to the EU and higher iron ore prices boosting costs.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cincinnati Sun.

More Information

56 ℉

Fair in Cincinnati

International

Section

Man who knelt on neck of handcuffed African American man charged

MINNEAPOLIS, Minnesota - A white police officer in the U.S. city of Minneapolis seen kneeling on the neck of a ...

Africa, then Asia to be invaded by locusts, says United Nations

NAIROBI, Kenya, May 29 (Xinhua) -- The Horn of Africa region will experience another swarm of locust invasion in June ...

Russia's most prominent conman left wave of death and deception

This is the story of how the mastermind behind MMM, Russia's biggest financial pyramid scheme, managed to get elected to ...

Chinese government rejects White House report on China's intentions

BEIJING, China May 29 (Xinhua) - A spokesperson for China's Ministry of National Defense on Friday criticized a report recently ...

U.S. sanctioning two Iranian nuclear scientists futile, says Iran

TEHRAN (Tasnim) - The Atomic Energy Organization of Iran (AEOI) dismissed as "a futile attempt" the U.S.' new decision to ...

News Corp shuts down 112 historic Australian newspapers

SYDNEY, NSW, Australia - The largest publisher of newspapers in Australia, Rupert Murdoch's News Corp has closed 112 suburban and ...

Business

Section

Trump unsettles U.S., global markets,

NEW YORK, New York - More rhetoric from U.S. President Donald Trump unsettled Wall Street on Friday, and undermined confidence ...

Chinese platform dedicated to content influencer campaigns launches

HANGZHOU, May 29 (Xinhua) -- AliExpress, a global online retail marketplace and part of Alibaba Group, announced on Thursday that ...

Stocks slide in Asia, greenback slumps

SYDNEY, NSW, Australia - Stocks in Asia skidded on Friday, and the U.S. dollar dived, as the relationship between the ...

Demand for cobalt, nickel, copper, manganese boosting deep-sea mining

PHENOM PENH, Cambodia - Scientists and environmentalists are urging an international moratorium on deep-sea mining after releasing a report indicating ...

Wall Street dashed over China, social media fears

NEW YORK, New York - U.S, stocks ran out of steam on Thursday with fears about the worsening U,S.-China relationship ...

2,123,000 more Americans claim unemployment benefits

WASHINGTON, May 28 (Xinhua) - The number of initial jobless claims in the United States totaled 2.1 million last week ...

Movie Review

Jojo Rabbit