PRETORIA - ArcelorMittal South Africa announced on Monday that it would be retrenching thousands of workers in its long steel business.
The steel producer points to deteriorating market conditions, with global steel demand declining and prices facing continued pressure, as key factors driving the decision.
While the company initially paused the retrenchment process in November 2023 after receiving support from the government and stakeholders like Transnet, it now says this assistance is insufficient to secure the long-term viability of the business.
The Chair of South African Iron and Steel Institute, Charles Dednam spoke to eNCA.