L N Mittal's South African steel operations to shed jobs

The South African operations of Lakshmi Mittal’s global steel empire, Arcelor-Mittal SA (AMSA), has announced that it may have to retrench staff as part of restructuring plans amid growing losses.

The proposal comes barely days after Arcelor-Mittal SA’s (AMSA) black economic empowerment partner Likamva Resources said it was willing to increase its 17 per cent stake in Africa’s biggest steel producer despite its loss-making record. However, the unions have decided to fight the move.

Arcelor Mittal South Africa (AMSA), born out of Mittal’s buyout of state steel manufacturer ISCOR more than a decade ago after the steel magnate first rescued it from