ArcelorMittal South Africa plans job cuts following pandemic hit

(Reuters) – Steel producer ArcelorMittal South Africa Ltd said on Thursday it plans to cut an unspecified number of jobs as part of a restructuring to cut costs and deal with excess capacity due to the coronavirus pandemic.

The company, which is Africa’s biggest steel producer and majority-owned by ArcelorMittal SA , said it expects crude steel production to take some time to return to historical or planned levels for 2020.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak Dasgupta)