Luxembourg, 27th November 2008 - ArcelorMittal is today meeting with its European Works Council to present voluntary separation programmes to be launched across the group. This is to help achieve the companys stated aim of reducing SG&A (Selling, General and Administrative) expenditure by US$1 billion in response to the current economic situation.
1The focus is primarily on non-production employees, in particular those in SG&A functions across the globe. These programmes may involve up to 9,000 employees, approximately 3% of the total global work force. The processes will be run in close collaboration with stakeholders and in accordance with the appropriate social considerations of the respective countries involved.
Commenting, Bernard Fontana, Executive Vice President and Member of ArcelorMittals Management Committee with responsibility for Human Resources stated: This has been a very difficult decision for the company to take as all of our employees are extremely important to us. Sadly however the global economic reality means that it is only sensible to adopt such measures. Our priority is now to meet with all our stakeholders to explain the reasons for this decision and to reassure them that the process will be carried out in accordance with all social considerations. We are very grateful for the professionalism and dedication of our employees, all of whom have played an important role in
About ArcelorMittalArcelorMittal is the world's leading steel company, with over 326,000 employees in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2007, ArcelorMittal had revenues of $105.2 billion and crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: www.arcelormittal.com