Reportedly ArcelorMittal is firm to suspend the closure of its plants and job cuts in Europe after negotiation with EU Commission.
The EU Industry Commissioner Mr Antonio Tajani said no more job cuts in its Europe plants that employ 98,000 people until the launch of the plan.
Redundant works will be allocated to plants in Belgium and France. Plants in French site of Florange and Belgian site of Liege will keep in operation but its capacity will be slashed.
Meanwhile, it will also invest €180 million in the French site and €140 million in Belgium accordingly to produce cutting edge product for auto and packaging sector.
ArcelorMittal confirmed that no more new restricting plan, at present they would engage with the European Commission.
In the background, steel industry accounts for some 360,000 jobs at about 500 plants in the EU.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=63117&division=A9
