Cuts due to 40% production drop in U.S.
The world's largest steelmaker ArcelorMittal said on Nov. 25 it would slash about 2,400 jobs at its factory in Indiana by mid-January because of a drop in orders.
The announcement will be effective by the second-half of January, a company spokesman said, owing to "the current economic climate."
"The measures come in the framework of a 40% drop in production in North America," or slightly more than the average 35% production cut which ArcelorMittal had estimated earlier this month for its factories worldwide.
ArcelorMittal doubled its fourth-quarter output cut to 30% in early November, reflecting a drop in demand brought on by the global financial crisis.
The steelmaker employs about 35,500 workers in North America.
Copyright Agence France-Presse, 2008