Tag: saldhana bay

More pain for ArcelorMittal as steel manufacturer plans another round of job cuts in 2020

Steel manufacturer ArcelorMittal stated that 2019 was the most challenging year operationally, since the financial crisis of 2008/9. The company swung into a headline loss of R3.3 billion from a profit of R986 million in the previous reporting period. They have also closed down its Saldhana Bay operations and retrenched over 1000 people. ArcelorMittal CEO, Kobus Verster spoke to CNBC Africa about the struggling business.