Steel giant ArcelorMittal to cut thousands of jobs

Steel giant ArcelorMittal to cut thousands of jobs
Photo: DPA
The world’s largest steel producer ArcelorMittal is planning to lay off several hundred workers in Germany, according to financial daily Handelsblatt on Monday.

A factory in Bremen will lose about 900 jobs, or one-quarter of its workforce, a company spokesperson told the paper. Meanwhile eastern Germany’s largest steel producing city will lose the “equivalent of 300 full-time” positions to reduce costs by up to €1 billion in the face of the global financial crisis, a spokesperson said without providing a timeline.

Not all cost reduction measures will include layoffs, the spokesperson said, adding that reducing worker’s hours is also an option. The company will also offer compensation plans for employees who decide to leave on their own.

Further details have yet to be determined, but some 1,600 workers in Eisenhüttenstadt have already had their hours reduced. The company currently employs some 8,000 workers in Germany according to Handelsblatt.