Don’t miss the latest developments in business and finance.

EU: Mittal steel agrees to suspend cuts, closures

Image
Press Trust of India
Last Updated : Feb 20 2013 | 8:00 PM IST
Brussels, Feb 20 (AP) The European Union's executive arm says the boss of steel maker ArcelorMittal has promised to suspend planned job cuts and plant closures in Europe through June. The EU Commission said today that CEO Lakshmi Mittal agreed after talks with Industrial Commissioner Antonio Tajani late Tuesday to suspend all restructuring programs until the body publishes its plan to help Europe's steel industry this summer. ArcelorMittal SA, the world's largest steel company, is blaming a slump in demand and structural overcapacity in Europe for its recent decisions to cut jobs and close blast furnaces across the 27-nation bloc. Plans to shrink or cease operating its plants in the northern French town of Florange and Belgium's Liege were met with protests and harsh rebukes from the country's leaders. (AP) ASY 02201936 NNNN

More From This Section

First Published: Feb 20 2013 | 8:00 PM IST

Next Story