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Business

ArcelorMittal to cut 2,400 jobs over carmaking crisis

Text by AFP

Latest update : 2008-12-09

The world's biggest steelmaker ArcelorMittal plans to cut 2,400 jobs in the US state of Indiana by mid-January. The factory where the jobs will be slashed produces steel for carmakers and has undergone a drop in orders.

The world's biggest steelmaker ArcelorMittal said on Tuesday it would slash about 2,400 jobs at its factory in the US state of Indiana by mid-January because of a drop in orders.
  
The announcement will be effective by the second-half of January, a company spokesman said, owing to "the current economic climate."
  
"The measures come in the framework of a 40-percent drop in production in North America," or slightly more than the average 35-percent production cut which ArcelorMittal had estimated earlier this month for its factories worldwide.
  
ArcelorMittal doubled its fourth-quarter output cut to 30 percent in early November, reflecting a drop in demand brought on by the global financial crisis. The move sent the price of its shares plunging.
  
The steelmaker employs about 35,500 workers in North America.

Date created : 2008-11-25

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