ArcelorMittal, with three factories in Romania, wants to lay off 20% of the world’s office staff

The ArcelorMittal group, which owns three factories in Romania, in Hunedoara, Iasi and Roman, announced that it intends to lay off 20% of its employees in the office area, within a plan to reduce costs by one billion dollars, writes Reuters.

The announcement comes after the company posted a quarterly profit above expectations on Thursday.

Also, the financial director, Aditya Mittal, will take over the position of CEO of the group from his father, Lakshmi Mittal, who founded the company in 1976 and will become executive chairman.

The Mittal family still owns over 35% of the company.

ArcelorMittal has about 190,000 employees globally and wants to cut spending by $ 1 billion over the next two years to increase productivity. The plan includes giving up some suppliers and reducing office workers by a fifth.

Lakshmi Mittal says market conditions have improved in the last quarter of 2020, with the company expecting a 4.5-5.5% increase in steel demand in 2021.

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Source: Mediafax by

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