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ArcelorMittal SA looks to retrench workers

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ArcelorMittal SA - [https://www.moneyweb.co.za/wp-content/uploads/2017/01/arcelor-mittal-jse-ticker-board-large-555x388.jpg?x85266] ArcelorMittal SA - [https://www.moneyweb.co.za/wp-content/uploads/2017/01/arcelor-mittal-jse-ticker-board-large-555x388.jpg?x85266]

 Leading steel producer ArcelorMittal SA is set to retrench over 50 workers as it attempts to address its current challenges.

Following its consolidated financial statements for the six months ended 30 June 2017 on July 27, ArcelorMittal SA said it was exploring options, such as cost saving interventions, assessing the profitability of various product lines as well as the retrenchments in the next six months, it said in a statement on Tuesday.

“All options are being explored and the company has no option but to also review its staffing levels,” it said.

It has started a consultation process in terms of section 189(3) of the Labour Relations Act 66 of 1995, it said.

“It is difficult to estimate the number of employees who may eventually be affected as a result of the proposed restructuring and efficiency measures (but it is anticipated to be more than 50 employees) as this is subject to the outcome of the consultation process and other mechanisms that will be explored to minimise the impact,” it said.

ArcelorMittal SA said it will engage constructively with government and unions to reduce the impact of the changes, particularly with regard to potential job losses. It will therefore consider implementing alternatives before retrenchments are implemented.

“The sustainability of the local steel industry and the prevention of job losses remains an important concern and the company will continue to engage its stakeholders to find collaborative and lasting solutions to the challenges faced by the industry.”

 


 

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Fin24

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