ArcelorMittal feels the heat

MAJOR steelmaker ArcelorMittal is encountering resistance to cost-cutting moves at its coal and steel operations.
ArcelorMittal feels the heat ArcelorMittal feels the heat ArcelorMittal feels the heat ArcelorMittal feels the heat ArcelorMittal feels the heat

Blasting at ConsMin's Woodie Woodie operation.

Blair Price

Reuters has reported that Arcelor is trying to get workers from its Temirtau operations in Kazakhstan to agree to pay cuts effective from July.

The steelmaker’s operations in Kazakhstan cover longwall mining in the Karaganda coal field and the Temirtau steel plant.

The news service added that the Kazakh government had offered tax breaks to metals and mining companies that avoided cutting jobs.

Meanwhile, last week Associated Press reported 1000 steel workers from Belgium and France attacked Arcelor’s Luxembourg headquarters during the annual shareholder meeting in protest at job cuts.

Riot police were called in as the disgruntled workers reportedly set off smoke bombs and hurled cobble stones.

The steelmaker has reportedly offered 9000 voluntary redundancies to its 315,000 employees around the world.

Arcelor is planning to reduce net debt by $US10 billion by the end of this year, and at the end of the first quarter chairman and chief executive officer Lakshmi Mittal said debt had already been reduced by $6 billion.

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