TIL Desk/Business/Johannesburg/ The world’s largest steel maker ArcelorMittal’s South Africa unit has said it will retrench nearly 1,000 workers and shut down its Saldanha plant due to severe financial losses, amid a global downturn in the steel industry.
Global steel magnate Lakshmi Mittal’s ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.
As part of a strategic review of its operations, the steel manufacturer found that its Saldanha operations had lost their competitive cost advantage to compete in the export market, “mainly due to raw material and regulated prices”, the company said in a statement.
