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ArcelorMittal South Africa has postponed its steel business shutdown for six months

ArcelorMittal South Africa has postponed its steel business shutdown for six months, aiming to save 3,500 jobs and implement cost-cutting measures.

ArcelorMittal South Africa has postponed its steel business shutdown for six months

ArcelorMittal South Africa has postponed the shutdown of its long-term steel business for six months, claiming constructive progress in discussions with the government, state utilities, and workers. The corporation has numerous initiatives that might save 3,500 jobs and keep the business running for up to six months.

Some of the reforms under consideration include eliminating a scrap metal export prohibition, which ArcelorMittal claims offers a cost advantage to lower-quality scrap-based steelmakers while disadvantages integrated steelmakers processing iron ore.

South Africa did not renew a ban on scrap metal exports when it expired in December, and ArcelorMittal South Africa CEO Kobus Verster stated that the industry was confident that it will not return.Ongoing negotiations with labor unions will also seek to keep labor expenses under control.

Other projects include cost-cutting improvements to rail and port operations. Last November, ArcelorMittal revealed plans to liquidate its long steel business because to poor demand and infrastructure issues. The South African business of the world's second-largest steelmaker also announced a full-year loss, hampered by sluggish demand and higher imports from China.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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