Tag: lakshmi niwas mittal

Amidst the downturn of the steel industry globally, Lakshmi Mittal’s ArcelorMittal's South Africa unit is going to shut down. Saldanha plant in South Africa was seen to be suffering a financial loss because of the regulated prices and raw materials, because of this, it was observed that the said plant is losing out its competitive cost advantage to compete in the export market. As a result, around 1000 workers will be losing their job. This came after the company performed a strategic operations review and found out that the Saldanha unit is running in loss. In a statement made by the company, it said, that the decision to close down the Saldanha unit was not a one-day decision. It came only after a constructive discussion with the key managerial people, government, stakeholders and the organised labour. The discussion revolved around to find a plausible solution to protect the Saldanha unit from being shut down.