ArcelorMittal South Africa to cut 2 000 jobs

Fri, 19 Jul 2019

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

International

Peacebuiilding youth need protection, says UN envoy

NEW YORK, New York - After visiting refugee camps in Jordan, UN-backed schools in Gaza, municipalities in Kosovo and Youth ...

Moon mission got huge support from U.S. military

On July 20, 1969, history was made when two Apollo 11 astronauts, Neil Armstrong and Buzz Aldrin, became the first ...

FBI seeks public help in identifying domestic terrorists

WASHINGTON, DC - A list of nearly four dozen observable behavioral signs that someone might be planning to commit an ...

Pakistan ordered to review conviction and sentence of suspected spy

THE HAGUE, Netherlands - In a ruling handed down on Wednesday afternoon, the International Court of Justice at The Hague ...

67,000 Vietnamese maimed by unexploded cluster bombs since war's end

History often focuses on the immediate death toll of war. But hostilities can have longer-term consequences on a population's health.In ...

Delhi Police criticised after girl, 6, is abducted and brutally raped

DELHI, India - A women's advocate group in Delhi has slammed police for their handling of a brutal alleged rape ...

Business

Japanese stocks fall by nearly 2% as world sell-off continues

SYDNEY, Australia - Asian stocks fell sharply on Thursday, as the global sell-off continued.In Tokyo stocks shattered with the key ...

DAB+ digital radio to go on-air and online in Canberra Friday

CANBERRA, Australia - Commercial radio will officially switch on DAB+ digital radio broadcasts in Canberra on Friday.All four commercial radio ...

Toast expires Irish operation, announces new hires

DUBLIN, Ireland - The fastest-growing restaurant management platform has opened a new office in Dublin, Ireland to house a major ...

Stocks across the board in U.S. lose ground as trade tensions bite

NEW YORK, New York - A major fall in the rail freight giant CSX Corp and continuing trade tensions weighed ...

National Broadband Ireland and government yet to finalise contract

DUBLIN, Ireland - The Irish government on Wednesday outlined the progress being made towards finalising the contract for the National ...

Sterling slides to 27-month low, Asian markets quiet

SYDNEY, Australia - The British pound fell to a more than two-year low on Wednesday amidst burgeoning concerns about Brexit, ...

Movie Review

Le Samoura [Blu-Ray]

SamouraÃ¯