ArcelorMittal to cut 9,000 jobs worldwide

Friday, 28 November 2008, 03:44 Hrs   |    1 Comments
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Luxembourg: Steel-making giant ArcelorMittal might slash up to 9,000 jobs across the globe, approximately three percent of its total workforce, through voluntary redundancies, the company said in a statement Thursday.

"ArcelorMittal is today meeting with its European Works Council to present voluntary separation programmes to be launched across the group. This is to help achieve the company's stated aim of reducing SG&A (selling, general and administrative) expenditure by $1 billion in response to the current economic situation," the L.N. Mittal-headed company said in the statement.

"The focus is primarily on non-production employees, in particular those in SG&A functions across the globe. These programmes may involve up to 9,000 employees, approximately three percent of the total global work force," it said.

The company said the process will be undertakn in close collaboration with stakeholders and in accordance with the appropriate social considerations of the respective countries involved.

Said Bernard Fontana, executive vice-president and member of ArcelorMittal's Management Committee with responsibility for human resources: "This has been a very difficult decision for the company to take as all of our employees are extremely important to us."

"Sadly, however, the global economic reality means that it is only sensible to adopt such measures."
Source: IANS
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