ArecelorMittal cutting 9,000 jobs worldwide
November 27, 2008
The Canadian Press
LUXEMBOURG — ArcelorMittal is planning “voluntary separation programs to be launched across the group,” aiming to trim as many as 9,000 employees — three per cent of its global workforce.
The world’s biggest steelmaker, whose holdings include Dofasco of Hamilton, said Thursday the focus of the downsizing “is primarily on non-production employees,” particularly in selling, general and administrative functions.
ArcelorMittal said it aims to cut SG&A spending by US$1 billion a year “in response to the current economic situation.”
Thursday’s statement offered no details of the impact on specific operations of ArcelorMittal, which employs 326,000 people in more than 60 countries and had 2007 sales of US$105.2 billion.
ArcelorMittal, which claims to produce about one-tenth of the world’s steel, has already slashed global production by one-third, cutting output at Dofasco by 40 per cent through at least the rest of this year.
The Hamilton plant will shut down for two weeks over Christmas, requiring 5,000 workers to take unpaid time off.
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