ArcelorMittal plans to save $4 Billion
Monday, 22 September 2008, 23:54 IST
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London: ArcelorMittal, the world's largest steelmaker, Wednesday announced a five-year 'management gains' plan aimed at saving $4 billion through what it called "merger synergies." It said it will achieve the savings by focusing on "increasing employee productivity, reducing energy consumption and decreasing input costs to achieve a higher yield and improved product quality". "Since our merger, we have improved our cost leadership due to our successful integration, our 2008 value plan and realisation of merger synergies. In order to further enhance this cost leadership, we have now targeted a further $4 billion of management gains to be realised over the next five years," chief financial officer Aditya Mittal said. The announcement came as the company held an investor day in London Wednesday. ArcelorMittal, formed with the 2006 merger of Arcelor and Mittal, employs over 320,000 employees in more than 60 countries.
Source: IANS
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