ArcelorMittal South Africa Plans To Reduce More Than 2,000 Positions

ArcelorMittal South Africa Limited said the company is planning a large-scale restructuring which could affect more than full time 2,000 positions. The company believes these actions, together with other interventions have become necessary to overcome the significant challenges in the South African steel industry.

Also, as part of JSE Listings Requirements, ArcelorMittal South Africa stated that the company's headline results per share for the six month period ended 30 June 2019 will decline by at least 59 cents from prior year.

ArcelorMittal South Africa's interim results will be released on 1 August 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
German banking major Deutsche Bank AG (DB) reported Wednesday a profit in its second quarter, compared to prior year's loss, with sharp drop in provision for credit losses. Net revenues were down slightly. Looking ahead for fiscal 2021, Deutsche Bank updated guidance, and now expects net revenues to be ahead of guidance provided at the Investor Deep Dive on December 9, 2020. Facebook Technologies LLC is recalling about 4 million removable foam facial interfaces for Oculus Quest 2 Virtual Reality or VR headsets citing skin irritation risk. The company said it has introduced a new silicone cover for all Quest 2 customers globally, and has paused global sales of Quest 2 to include the new silicone covers in all Quest 2 packages. General Electric Co. reported Tuesday narrower net loss in its second quarter with strong growth in revenues. The company also generated strong order growth. Looking ahead, the company reiterated its outlook for adjusted earnings per share, while increased its 2021 outlook for Industrial free cash flow range. In pre-market activity on NYSE, GE shares were gaining around 4 percent.
Follow RTT