ArcelorMittal SA CEO sees no way of avoiding longs closure, says wind down to start in Jan

ArcelorMittal South Africa CEO Kobus Verster believes there is no…



ArcelorMittal South Africa CEO Kobus Verster believes there is no immediate prospect of addressing the structural issues undermining the financial viability of the group’s long-products business and tells Engineering News that the operations will begin ramping down during January, when they are scheduled to stop receiving steelmaking materials, such as iron-ore. Verster provided this bleak assessment in an interview following the JSE-listed company’s announcement that it would be initiating consultations with unions and customers on the closure of its operations in Newcastle and Vereeniging, as well as ArcelorMittal Rail and Structural, which relies on intermediate products currently produced at Newcastle.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *