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Struggling ArcelorMittal SA to cut more than 2,000 jobs

It said more significant measures had become necessary, including a review of staffing levels, together with other interventions.

ArcelorMittal SA's Vereeniging plant. Picture: www.arcelormittalsa.com

JOHANNESBURG - ArcelorMittal's South African unit said it was considering shedding 2,000 jobs due to large-scale restructuring.

This after warning that its headline earnings for the first half of the year would fall by at least R650 million.

ArcellorMittal said in a statement that certain costs that were not within the company's control such as high electricity, rail, port, and primary raw material costs have affected their bottom line.

It said more significant measures had become necessary, including a review of staffing levels, together with other interventions.

The company said that previous cost-saving initiatives would not be sufficient.

As a result, it's share price has plunged by more than 10%.

The steelmaker has been struggling, together with the construction industry, as the economy battles to grow.