Reportedly,the new appointment of chief financial officer of ArcelorMittal is expected to lead to large scale restructuring.Arcelormittal announced that Matthias Wellhausen would replace Rudolph Torlage,effective on January 2,2013 to run strategic projects and reducing costs.In the background,ArcelorMittal's stocks slumped by 43%in the past 6 months to 2004 levels.Seasonal slowdown in domestic market and production losses due to blast furnace repairs at Newcastle leaded to a foreseen fourth-quarter loss.The group's fortunes are largely tied to local construction and an insider pointed that they need to cut costs to ensure the company will survive.However,Themba Hlengani,the spokesman of ArcelorMittal said that at this moment it was not anticipating any retrenchments.He also mentioned that Mr.Torlage would continue in charge of driving key projects and arbitration on the iron-ore supply contract.
