The largest steel manufacturing company of the world, ArcelorMittal has decided to slash 800 jobs in Belgium. The company is retrenching about 9000 jobs worldwide with 6000 employees form Europe alone. The announcement of worldwide slashing was made by the company last month. According to a statement of the company, the worldwide cuts will reduce the costs by one billion dollars.

 

Announcing the decision, the executive vice president of ArcelorMittal Bernard Fontana stated that it is very unfortunate situation for the company as all the employees are extremely important to the company. Recent report says that ArcelorMittal's Ghent plant will see 200 job cuts, 350 jobs are to go in Liege, up to 200 in Charleroi and 100 jobs are expected to be axed in Limburg. Although the company has registered huge profits in the first half of the year, but the lack of steel demand has hit the company. The demand of steel has declined because the car makers have slashed production.

 

While explaining the cause of job slashing, the company said that the weak economic condition of the company has prompted it to exercise such move. The company's situation has deteriorated due to strong steel exports from emerging economy countries, especially China. World's largest steel company, ArcelorMittal was formed in 2006 by the merger of Arcelor and Mittal Steel.