ArcelorMittal South Africa may lay off over 4,000 workers—nearly half its workforce—according to the Solidarity union. The job cuts, initially limited to Newcastle and Vereeniging, now reportedly include the flagship Vanderbijlpark plant. The steelmaker has faced losses since 2023 and recently posted a R1 billion loss for H1 2025 due to low sales and prices. Talks with the government have failed to yield alternatives.

Arcelormittal South Africa to cut over 4,000 jobs, union warns

After the government of Kazakhstan declared its intention to take over Arcelormittal SA's activities in the nation in the wake of the country's worst mining tragedy in recent memory, the company's stock dropped by as much as 5.5%.

Arcelormittal stock plummets as Kazakhstan government intervenes | World Business Watch

Kazakhstan President Kassym-Jomart Tokayev has ordered 'end to cooperation' with global steel giant ArcelorMittal after a fire at a mine operated by the global steel giant resulted in deaths of at least 21&nbsp;people. The number of deaths has been confirmed by ArcelorMittal.

"The government has been ordered to end investment cooperation with ArcelorMittal," Kazakh President Kassym-Jomart Tokayev said in a statement shortly after the fire near the town of Karaganda, an industrial region in central Kazakhstan.&nbsp;

The regional authorities said earlier in a statement,&nbsp;"of the 252 miners present at the time of the tragedy, 205 miners were brought to the surface".

The statement was quoted by Reuters.

Regional officials later said that 40 rescuers had been sent to the site. Kazakhstan's emergency response minister Syrym Sharipkhanov has said that he will arrive at the site soon.

It was not immediately clear what caused the fire.

President Tokayev has expressed condolences for the victims' families. He said that an investigative commission would be set up to look into the incident.

The tragedy has taken place at Kostenko mine located near the town of Karanganda which is an industrial region in central Kazakhstan.

About a dozen mines are operated by ArcelorMittal in Kazakhstan, a resource-rich country which was formerly part of the Soviet Union. It is the largest economy in Central Asia mainly due extraction of iron, coal and even oil, gas and uranium. Accidents are common in the country due to old infrastructure, equipment and inadequate safety standards.

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This is the second fatal incident in last two months at a site operated by ArcelorMittal. In August, five miners were killed in another Kazakh mine operated by the firm.

President Tokayev has previously threatened to ban ArcelorMittal from operating in Kazakhstan.

ArcelorMittal is the second-largest steel producer in the world. The company was formed when the previous entity Arcelor was taken over by Indian billionaire Lakshmi Mittal's Mittal Steel in the year 2006.

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Kazakhstan President Kassym-Jomart Tokayev has ordered 'end to cooperation' with global steel giant ArcelorMittal after a fire at a mine operated by the global steel giant resulted in deaths of at least 21 people.

Kazakhstan President Kassym-Jomart Tokayev has ordered 'end to cooperation' with global steel giant ArcelorMittal after a fire at a mine operated by the global steel giant resulted in deaths of at least 21 people. The number of deaths has been confirmed by ArcelorMittal. "The government has been ordered to end investment cooperation with ArcelorMittal," Kazakh President Kassym-Jomart Tokayev said in a statement shortly after the fire near the town of Karaganda, an industrial region in central Kazakhstan. The regional authorities said earlier in a statement, "of the 252 miners present at the time of the tragedy, 205 miners were brought to the surface". The statement was quoted by Reuters. Regional officials later said that 40 rescuers had been sent to the site. Kazakhstan's emergency response minister Syrym Sharipkhanov has said that he will arrive at the site soon. It was not immediately clear what caused the fire. President Tokayev has expressed condolences for the victims' families. He said that an investigative commission would be set up to look into the incident. The tragedy has taken place at Kostenko mine located near the town of Karanganda which is an industrial region in central Kazakhstan. About a dozen mines are operated by ArcelorMittal in Kazakhstan, a resource-rich country which was formerly part of the Soviet Union. It is the largest economy in Central Asia mainly due extraction of iron, coal and even oil, gas and uranium. Accidents are common in the country due to old infrastructure, equipment and inadequate safety standards. Also Read | Indian NSA Doval offers assistance to five Central Asian nations to tackle terrorism This is the second fatal incident in last two months at a site operated by ArcelorMittal. In August, five miners were killed in another Kazakh mine operated by the firm. President Tokayev has previously threatened to ban ArcelorMittal from operating in Kazakhstan. ArcelorMittal is the second-largest steel producer in the world. The company was formed when the previous entity Arcelor was taken over by Indian billionaire Lakshmi Mittal's Mittal Steel in the year 2006. ×

Kazakh president orders 'end to co-operation' with ArcelorMittal after fatal mine fire

Between 15 and 17 people are missing after a vessel sank off the coast of&nbsp;Liberia, the West African state's government and coastguard said on Sunday.

Search and rescue operations are ongoing,&nbsp;Liberia's Maritime Authority Commissioner Eugene&nbsp;Lenn&nbsp;Nagbe told reporters in the capital Monrovia.

Coastguards have pulled 11 people from the water, he said.&nbsp;

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A coastguard official also told the press conference that 15 to 17 people were still believed to be missing.

Rescue operations began late Saturday afternoon after the authorities received a distress signal from a vessel named Niko Ivanka.&nbsp;

Nagbe, the maritime commissioner, said that the ship had left Monrovia on Saturday morning and was heading for the central port city of Buchanan when it began to take on water.

Early reports of the incident suggested that the vessel sank in the southeast of the country.

The manifest showed 18 people officially registered aboard the ship, including nine crew members and nine members of a regional education body.

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But Nagbe said that the vessel was not authorised to carry passengers and that it had earlier been placed "under detention orders" because it was unseaworthy.

"Our priority is the search and rescue," he said. "We will continue to exert every effort".&nbsp;

The maritime commissioner added that steel giant ArcelorMittal, which has offices in Buchanan, helped with the rescue operation.&nbsp;

Liberia&nbsp;is a poor country that is still recovering after back-to-back civil wars from 1989 to 2003 and the West African 2014-16 Ebola pandemic, which killed 4,800 people in the country.&nbsp;

Between 15 and 17 people are missing after a vessel sank off the coast of Liberia, the West African state's government and coastguard said on Sunday. Search and rescue operations are ongoing, Liberia's Maritime Authority Commissioner Eugene Lenn Nagbe told reporters in the capital Monrovia.

Between 15 and 17 people are missing after a vessel sank off the coast of Liberia, the West African state's government and coastguard said on Sunday. Search and rescue operations are ongoing, Liberia's Maritime Authority Commissioner Eugene Lenn Nagbe told reporters in the capital Monrovia. Coastguards have pulled 11 people from the water, he said. Also read | Liberian rebel sentenced in Switzerland for war crimes, cannibalism A coastguard official also told the press conference that 15 to 17 people were still believed to be missing. Rescue operations began late Saturday afternoon after the authorities received a distress signal from a vessel named Niko Ivanka. Nagbe, the maritime commissioner, said that the ship had left Monrovia on Saturday morning and was heading for the central port city of Buchanan when it began to take on water. Early reports of the incident suggested that the vessel sank in the southeast of the country. The manifest showed 18 people officially registered aboard the ship, including nine crew members and nine members of a regional education body. Also read | 'Brutal' third wave hits Africa as vaccination slows But Nagbe said that the vessel was not authorised to carry passengers and that it had earlier been placed "under detention orders" because it was unseaworthy. "Our priority is the search and rescue," he said. "We will continue to exert every effort". The maritime commissioner added that steel giant ArcelorMittal, which has offices in Buchanan, helped with the rescue operation. Liberia is a poor country that is still recovering after back-to-back civil wars from 1989 to 2003 and the West African 2014-16 Ebola pandemic, which killed 4,800 people in the country.

At least 15 people missing after ship sinks in Liberia

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister <a href="https://www.wionews.com/business-economy/arcelormittal-wants-to-cut-5000-jobs-italy-pm-260457">Giuseppe Conte </a>said after a four-hour-long meeting with the company's leaders.

Rome and ArcelorMittal are on the brink of a harsh legal battle as the latter tries to walk away from a 2018 deal to buy the troubled Ilva plant in the southern city of Taranto.

The Indian steelmaker has blamed the Italian government's move to scrap previous guarantees of legal immunity for a massive clean-up operation at Ilva's heavily polluted site.

Conte said the Mittals were available to start immediate talks to decide on a new shared future for Ilva.

"The aim...is to get to a new industrial plan, with new production solutions and new ecological technologies allowing the highest effort in cleaning up the environment," Conte said late on Friday after a meeting in Rome with Chairman and Chief Executive Lakshmi Mittal and his son Aditya Mittal, the group's Chief Financial Officer and CEO of ArcelorMittal Europe.

Arcelor Mittal said on Saturday the meeting was "constructive".

"Talks will continue with the aim of reaching an agreement as soon as possible for sustainable steel production in Taranto," it said in a statement.

To facilitate the talks, the government will ask for the postponement of a court hearing scheduled for November 27 over an urgent appeal filed by Rome to try to stop ArcelorMittlal's planned decision to shut down Ilva.

"We're ready to allow this postponement under the condition that ArcelorMittal agrees to keep plant working and production flowing during talks," Conte said.

Ilva, Europe's biggest steel plant, employs around 8,200 workers, with thousands of more jobs depending indirectly on the site.

According to trade unions, ArcelorMittal was ready to hand over the plant to state-appointed administrators on Dec. 4 and had begun winding down operations ahead of turning off blast furnaces and production lines.

However, earlier this week ArcelorMittal said it would halt the planned shutdown pending the court ruling.

Conte said legal immunity was not discussed at the meeting but opened up the possibility that the state could play a direct role in Ilva, given its importance for the wider Italian economy.

Rome is also ready to adopt measures to support Ilva's workers, Conte said, adding that the highest levels of employment must be preserved.

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister Giuseppe Conte said after a four-hour-long meeting with the company's leaders.

ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of steelmaker Ilva, Prime Minister Giuseppe Conte said after a four-hour-long meeting with the company's leaders. Rome and ArcelorMittal are on the brink of a harsh legal battle as the latter tries to walk away from a 2018 deal to buy the troubled Ilva plant in the southern city of Taranto. The Indian steelmaker has blamed the Italian government's move to scrap previous guarantees of legal immunity for a massive clean-up operation at Ilva's heavily polluted site. Conte said the Mittals were available to start immediate talks to decide on a new shared future for Ilva. "The aim...is to get to a new industrial plan, with new production solutions and new ecological technologies allowing the highest effort in cleaning up the environment," Conte said late on Friday after a meeting in Rome with Chairman and Chief Executive Lakshmi Mittal and his son Aditya Mittal, the group's Chief Financial Officer and CEO of ArcelorMittal Europe. Arcelor Mittal said on Saturday the meeting was "constructive". "Talks will continue with the aim of reaching an agreement as soon as possible for sustainable steel production in Taranto," it said in a statement. To facilitate the talks, the government will ask for the postponement of a court hearing scheduled for November 27 over an urgent appeal filed by Rome to try to stop ArcelorMittlal's planned decision to shut down Ilva. "We're ready to allow this postponement under the condition that ArcelorMittal agrees to keep plant working and production flowing during talks," Conte said. Ilva, Europe's biggest steel plant, employs around 8,200 workers, with thousands of more jobs depending indirectly on the site. According to trade unions, ArcelorMittal was ready to hand over the plant to state-appointed administrators on Dec. 4 and had begun winding down operations ahead of turning off blast furnaces and production lines. However, earlier this week ArcelorMittal said it would halt the planned shutdown pending the court ruling. Conte said legal immunity was not discussed at the meeting but opened up the possibility that the state could play a direct role in Ilva, given its importance for the wider Italian economy. Rome is also ready to adopt measures to support Ilva's workers, Conte said, adding that the highest levels of employment must be preserved.

Italy's government restarts talks with ArcelorMittal over ailing Ilva steel plant

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors.

The Supreme Court on Friday cleared the path for steelmaker <a href="https://www.wionews.com/business-economy/supreme-court-clears-path-for-arcelormittal-to-acquire-essar-steel-262263">ArcelorMittal SA to take over</a> bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion.

"The Essar Steel verdict is very positive for the banking sector. Also, the banking sector results have been marginally better than expected," said Vinod Nair, head of research at Geojit Financial Services.

The government is coming up with positive measures to help the economy and ailing sectors like telecom, boosting investor confidence, he added.

The finance minister said on Friday the government was discussing the issue around telecom companies, but no final call had been taken yet.

This comes after India's two top mobile carriers warned last week that their ability to operate and make profits would depend on relief from the government.

The NSE Nifty 50 index was up 0.1 per cent&nbsp;at 11,903 as of 0410 GMT, while the S&amp;P BSE&nbsp;Sensex&nbsp;was 0.3 per cent&nbsp;higher at 40,495.

The Nifty public sector bank index was the top gainer, rising 1.4 per cent. State Bank of India led the rally with a rise of 1.8 per cent.

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors.

Indian shares edged higher on Monday, driven mostly by a surge in banking stocks after the top court last week provided relief to lenders in a case related to a steel company and on hopes of more support from the government towards ailing sectors. The Supreme Court on Friday cleared the path for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion. "The Essar Steel verdict is very positive for the banking sector. Also, the banking sector results have been marginally better than expected," said Vinod Nair, head of research at Geojit Financial Services. The government is coming up with positive measures to help the economy and ailing sectors like telecom, boosting investor confidence, he added. The finance minister said on Friday the government was discussing the issue around telecom companies, but no final call had been taken yet. This comes after India's two top mobile carriers warned last week that their ability to operate and make profits would depend on relief from the government. The NSE Nifty 50 index was up 0.1 per cent at 11,903 as of 0410 GMT, while the S&P BSE Sensex was 0.3 per cent higher at 40,495. The Nifty public sector bank index was the top gainer, rising 1.4 per cent. State Bank of India led the rally with a rise of 1.8 per cent.

Nifty, Sensex tick up; Public sector banks lead gains

The&nbsp;Supreme&nbsp;Court&nbsp;cleared the&nbsp;path&nbsp;on Friday for&nbsp;steelmaker&nbsp;ArcelorMittal&nbsp;SA&nbsp; to take over bankrupt&nbsp;Essar&nbsp;Steel, following a legal tussle that has dragged through multiple&nbsp;courts for over two years.

The apex&nbsp;court&nbsp;said operational creditors cannot be treated on par with financial creditors of a bankrupt company, in a ruling that provides relief to lenders and sets a precedent that could speed-up the resolution of other insolvency cases.

Banks had moved the&nbsp;Supreme&nbsp;Court&nbsp;earlier this year after an appellate&nbsp;court&nbsp;judge put the claims of&nbsp;Essar's operational creditors on par with those of its lenders.

Essar&nbsp;Steel, with debts from banks worth nearly 500 billion rupees ($7.01 billion), was among the so-called dirty dozen - twelve large&nbsp;steel&nbsp;and other infrastructure companies which defaulted and were referred to India's bankruptcy&nbsp;court&nbsp;in 2017.

The Supreme Court cleared the path on Friday for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, following a legal tussle that has dragged through multiple courts for over two years.

The Supreme Court cleared the path on Friday for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, following a legal tussle that has dragged through multiple courts for over two years. The apex court said operational creditors cannot be treated on par with financial creditors of a bankrupt company, in a ruling that provides relief to lenders and sets a precedent that could speed-up the resolution of other insolvency cases. Banks had moved the Supreme Court earlier this year after an appellate court judge put the claims of Essar's operational creditors on par with those of its lenders. Essar Steel, with debts from banks worth nearly 500 billion rupees ($7.01 billion), was among the so-called dirty dozen - twelve large steel and other infrastructure companies which defaulted and were referred to India's bankruptcy court in 2017.

Supreme Court clears path for ArcelorMittal to acquire Essar Steel

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants.&nbsp;

The world's biggest steelmaker on Monday retreated from its plan to buy the steel producer, blaming a decision by Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant.

The announcement caused shockwaves in Italy where the deal was expected to safeguard thousands of jobs. &nbsp;

But the country's prime minister Giuseppe Conte on Wednesday said the decision was instead over production targets.&nbsp;

"The real reason for their withdrawal is that their investments are not profitable and they are demanding now that 5,000 jobs are cut. It's unacceptable," he said, after meeting with ArcelorMittal's management.&nbsp;

If the steel giant goes ahead with its plan to pull out of the plant, the government "will not stay inert", he added.

The prime minister hopes that following the discussion, ArcelorMittal will return to the negotiating table "with acceptable and tenable proposals".

ArcelorMittal began leasing the plant -- with an obligation to buy it -- last November and had plans to invest 2.4 billion euros ($2.7 billion) to revive it, including 1.2 billion euros to curb pollution by 2024.

The steel giant was given a period of legal immunity to bring the site up to environmental standards.

But after much prevarication, the Italian parliament revoked that decision and the company lost its immunity on November 3.

The Taranto plant in the south of Italy is mired in controversy because experts believe that some 7,500 people have died in the surrounding area as a result of diseases linked to toxic emissions.

The plant -- Europe's largest integrated steelmaking site -- has a workforce of more than 8,000 in the poverty-hit southern Italian city, where unemployment is high.&nbsp;

Conte said he would meet with unions on Thursday and asked the whole country to form a "common front" to support the site.&nbsp;

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants.

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants. The world's biggest steelmaker on Monday retreated from its plan to buy the steel producer, blaming a decision by Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant. The announcement caused shockwaves in Italy where the deal was expected to safeguard thousands of jobs. But the country's prime minister Giuseppe Conte on Wednesday said the decision was instead over production targets. "The real reason for their withdrawal is that their investments are not profitable and they are demanding now that 5,000 jobs are cut. It's unacceptable," he said, after meeting with ArcelorMittal's management. If the steel giant goes ahead with its plan to pull out of the plant, the government "will not stay inert", he added. The prime minister hopes that following the discussion, ArcelorMittal will return to the negotiating table "with acceptable and tenable proposals". ArcelorMittal began leasing the plant -- with an obligation to buy it -- last November and had plans to invest 2.4 billion euros ($2.7 billion) to revive it, including 1.2 billion euros to curb pollution by 2024. The steel giant was given a period of legal immunity to bring the site up to environmental standards. But after much prevarication, the Italian parliament revoked that decision and the company lost its immunity on November 3. The Taranto plant in the south of Italy is mired in controversy because experts believe that some 7,500 people have died in the surrounding area as a result of diseases linked to toxic emissions. The plant -- Europe's largest integrated steelmaking site -- has a workforce of more than 8,000 in the poverty-hit southern Italian city, where unemployment is high. Conte said he would meet with unions on Thursday and asked the whole country to form a "common front" to support the site.

ArcelorMittal wants to cut 5,000 jobs: Italy PM

ArcelorMittal&#39;s South African business and the country&#39;s government have agreed a new pricing model aimed at bolstering the domestic steel sector and reviving the economy. 
 
The company was fined a record 1.5 billion Rand ($111 million) on Monday for setting prices at the level consumers would have to pay for imported steel, but Trade and Industry Minister Rob Davies told parliament on Tuesday that it had agreed on a mechanism that would provide transparent pricing based on domestic prices in a number of other countries. 
 
The government of Africa&#39;s most industrialised country formed a team six years ago to find ways to lower domestic steel prices after consumers complained that the European group&#39;s South African subsidiary was charging high prices. 
 
&quot;This has been the concern that we&#39;ve had for a long time, that the price of domestically produced steel has been supplied in the market on the basis of what the import parity price would be,&quot; Davies said. 
 
The local price for flat steel products will now be calculated through a formula using the weighted average of domestic prices in countries such as Germany, the United States and Japan, but excluding China and Russia, Davies said. 
 
In future, when ArcelorMittal South Africa changes its flat steel prices, it will have to use a transparent mechanism based on the forecast basket prices of fabricated metal products, machinery and equipment, as well as vehicle and other transport equipment, Davies added. 
 
&quot;The basket aims to provide a fair price during boom and bust periods,&quot; he said. 
 
ArcelorMittal South Africa officials were not available to comment. 
 
South Africa, which has the only primary steel mill in sub-Saharan Africa, imposed a 10 per cent import tariff last year to protect an industry hurt by cheaper Chinese imports. 
 
(Reuters)

The move is aimed at bolstering the domestic steel sector and reviving the economy

ArcelorMittal's South African business and the country's government have agreed a new pricing model aimed at bolstering the domestic steel sector and reviving the economy. The company was fined a record 1.5 billion Rand ($111 million) on Monday for setting prices at the level consumers would have to pay for imported steel, but Trade and Industry Minister Rob Davies told parliament on Tuesday that it had agreed on a mechanism that would provide transparent pricing based on domestic prices in a number of other countries. The government of Africa's most industrialised country formed a team six years ago to find ways to lower domestic steel prices after consumers complained that the European group's South African subsidiary was charging high prices. "This has been the concern that we've had for a long time, that the price of domestically produced steel has been supplied in the market on the basis of what the import parity price would be," Davies said. The local price for flat steel products will now be calculated through a formula using the weighted average of domestic prices in countries such as Germany, the United States and Japan, but excluding China and Russia, Davies said. In future, when ArcelorMittal South Africa changes its flat steel prices, it will have to use a transparent mechanism based on the forecast basket prices of fabricated metal products, machinery and equipment, as well as vehicle and other transport equipment, Davies added. "The basket aims to provide a fair price during boom and bust periods," he said. ArcelorMittal South Africa officials were not available to comment. South Africa, which has the only primary steel mill in sub-Saharan Africa, imposed a 10 per cent import tariff last year to protect an industry hurt by cheaper Chinese imports. (Reuters)

ArcelorMittal, South Africa forge steel pricing agreement

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