Key Points
ArcelorMittal South Africa on Tuesday said it plans to close its long steel operations due to weak demand and persistent infrastructure problems, potentially impacting 3,500 jobs...
The South African unit of the world's No.2 steelmaker ArcelorMittal said steel consumption in Africa's most advanced economy has fallen 20% over the past 7 years, due to limited infrastructure spend and project delays...
"In the circumstances, the ArcelorMittal South Africa Board and Management have had no option but to embark on a process that contemplates the wind down of the Company's Longs Business, which for now may be placed in care and maintenance," the company said.. ArcelorMittal South Africa said the 3,500 jobs that could be affected include full-time staff and contractors...
The company slumped to a 448 million rand headline loss in the first half to June 30, compared with a 3 billion rand profit in the same period of the previous year, on the back of South Africa's electricity crisis, high inflation and weak demand from key steel-consuming sectors...
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ArcelorMittal South Africa to sack 3,500 workers and close long steel unit; shares plunge 17%
28, Nov, 23ArcelorMittal South Africa says steel consumption in Africa's most advanced economy has fallen 20% over the past 7 years, due to limited infrastructure spend and project delays