ArcelorMittal plans to cut 9000 jobs in Europe to save $1 billion

ArcelorMittal plans to cut 9000 jobs in Europe to save $1 billionThe world's biggest steel maker, ArcelorMittal is targeting up to 9,000 voluntary redundancies as part of its plan to cut expenditure by $1 billion.

According to an official, the focus is mainly on non-production employees and represents around 3% of the total workforce.

The firm will meet tomorrow, with its European Works Council to present the plans.

Recently, the company announced that it had reduced production in North America by 40 percent because of lower demand, due to which it might lay off 16 percent of its U.S. workforce.

ArcelorMittal is expected to slash about 2,400 jobs at its factory in the US state of Indiana by mid-January 2009.
 

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