ArcelorMittal set to slash 10,000 jobs as global demand for steel levels off

ARCELORMITTAL, the world’s biggest steelmaker, is getting set to slash around 10,000 jobs worldwide, it emerged yesterday, as demand for steel wanes in the recession.

The bulk of the job cuts are thought to be in Europe and the US, where potential for growth is restricted.
“Company representatives discussed the possibility that the business could expect some global workforce reductions next year due mainly to natural attrition and optimisation of production,” the company said

The news came despite ArcelorMittal’s expansion and investment in emerging markets, as well as further job cuts earlier this year.

It has put money into India and Zimbabwe over the past few months, and is looking to take advantage of the iron-ore supply in the regions.

The group has said it wants to up its steel production next year to hit 70 per cent capacity utilisation by the fourth quarter 2010.

It cut half of its crude steel production at the beginning of 2009 as the slump hit demand.