Share

ArcelorMittal to slash jobs, exports from Liberia

Monrovia - ArcelorMittal [JSE:ACL] plans to cut up to 450 jobs in Liberia and lower iron ore exports from the West African nation as it battles to reduce costs, the world's largest producer of steel said.

ArcelorMittal Liberia said its executives met with union leaders earlier this week to inform them of the pending layoffs.

"We deeply regret that the current economic environment is not allowing us to maintain employment at the current level," Michel Prive, chief executive of ArcelorMittal Liberia, said in the statement emailed late on Tuesday.

In another move to reduce costs, the company, which owns the Tokadeh Mountain mine, will from January only operate during the dry season and will sell 3 million tonnes of direct shipping ore (DSO) to the European market.

ArcelorMittal previously operated during both the dry and wet seasons and shipped 5 million tonnes of DSO annually to Europe and China.

The company had initially planned to expand its operations in Liberia to boost annual production to around 15 million tonnes of ore by the end of 2015. However contractors working on the expansion phase declared force majeure in 2014 amid a deadly Ebola epidemic.
 
ArcelorMittal currently produces 70 million tonnes of iron ore per year.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders