Jobs at risk as ArcelorMittal shuts down long steel business
Some
3,500 workers are facing a bleak new year after steel giant ArcelorMittal South
Africa decided to shut its long-running steel business.
The steel producer cites sluggish economic growth and the rising cost of energy and logistics as reasons for its decision.
The move will impact all long steel plants, including the one in Newcastle.
READ: 3500 jobs at Arcelor Mittal under threat
The company says the range of policy interventions introduced by the government last year to avoid the retrenchments has not had the sufficient impact it hoped it would.
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