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.
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)
more recommended stories
First house entirely made of Sargassum built by Mexican inventor in Quintana Roo
PUERTO MORELOS, Q. Roo, September 20,.
Protests in Homun, Yucatan against the opening of mega pig farm
On Friday September 21, the conflict.
Day of the Dead Parade Mexico City, three years stunning the world
For the third year in a.
Viva Aerobus announces new direct flights between Cancun and the U.S.
Viva Aerobus, the ultra low cost.
Vessel control centers urgently needed in Quintana Roo
“A control center like the one.
Photographic festival coming to Mérida in November
For the first time, the Mérida.
Trump demands a border wall but many congressional Republicans just not into it
WASHINGTON DC – President Donald Trump.
Mexico analyzing U.S. proposal on deportation funding
MEXICO CITY (Reuters) – Mexico’s government.
López Obrador promises an extra 10 billion pesos for earthquake recovery
President-elect Andrés Manuel López Obrador yesterday.
AMLO stuck for hours on commercial flight in Oaxaca
Mexico’s President-elect Andres Manuel Lopez Obrador,.