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ArcelorMittal South Africa to retrench 3500 workers
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Video Source: www.youtube.com/watch?v=AcY_PvRzyzg
ArcelorMittal South Africa has confirmed the company is winding down its Long Steel operations in Vereeniging in Gauteng and Newcastle in KwaZulu-Natal. • Three thousand five hundred jobs are at risk. This has been attributed to the energy crisis and challenges at Transnet. • The company says it's experienced weak demand and persistent infrastructure problems. On Tuesday, its shares tumbled nearly 14% after the announcement. • ArcelorMittal's long steel unit produces fencing material, rail, rods and bars used in the construction, mining and manufacturing sectors. • For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.
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