Published On: Thu, Jul 2nd, 2015

ArcelorMittal fires 2,800 employees in Mexico Unit

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ArcelorMittal, the world’s largest producer of steel, will cut 2,800 jobs at its Mexico unit as global prices slump, it said in a joint statement with local competitors on Wednesday, July 1st, while accusing Russia, China and Turkey of dumping steel on markets at levels below production costs.

ArcelorMittal is the world’s leading steel and mining company. Guided by a philosophy to produce safe, sustainable steel, it is the leading supplier of quality steel products in all major markets including automotive, construction, household appliances and packaging. ArcelorMittal is present in 60 countries and has an industrial footprint in 19 countries including Mexico.

ArcelorMittal Mexico unit to slash 2,800 jobs (Photo: lavozdemichoacan.com.mx)

ArcelorMittal Mexico unit to slash 2,800 jobs (Photo: lavozdemichoacan.com.mx)

Altos Hornos de Mexico (AHMSA), DeAcero and ArcelorMittal warned in the statement that if Mexico continues to import steel products at what it called dumping prices (specifically from China), the number of job cuts will rise.

AHMSA said in June it would cut its workforce by 20 percent, around 4,500 jobs, and suspend investments. DeAcero said it had fired 2,500 workers and suspended operations at one plant.

The price of steel in the international market went down from 1,260 to 934 USD per tonn, which means a reduction of 26% of its value.

 

(Reporting by Gabriela Lopez; Editing by Ken Wills)

Source: http://www.reuters.com/

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