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ArcelorMittal South Africa flags possible closure of some sites

ArcelorMittal South Africa Ltd. flagged the possible closure of some operations following a review, Reuters reported Sept. 26, citing a statement by the company.

The ArcelorMittal unit is undertaking a restructuring of its business amid rising costs, with the company planning to dismiss more than 2,000 workers. In the first half, ArcelorMittal South Africa swung to a headline loss of 638 million South African rand from a year-ago profit of 54 million rand.

The review will include individual plants and production areas that have negatively impacted the company's financial performance, the report said. Its coke operations and the Highveld structural mill are not part of the planned stoppage.

According to the newswire, the unit already began consultations with employees and trade unions on jobs, without providing details.