ArcelorMittal unblocks job-saving investment at Liege

BRUSSELS Wed Dec 5, 2012 4:40pm IST

View of the ArcelorMittal steel plant sign in Liege September 27, 2012. REUTERS/Laurent Dubrule/Files

View of the ArcelorMittal steel plant sign in Liege September 27, 2012.

Credit: Reuters/Laurent Dubrule/Files

Related Topics

Stocks

   

BRUSSELS (Reuters) - ArcelorMittal(ISPA.AS), the world's largest steelmaker, will invest 138 million euros and preserve jobs at a Belgian site after reaching an agreement with unions and the regional government.

Europe's steel industry is struggling with long-term excess production capacity, while the economic downturn has hit demand.

The decision comes days after ArcelorMittal bowed to pressure from the French government to invest in a site in north-eastern France to avoid forced layoffs.

The Belgian investment, which should help save 2,000 jobs at ArcelorMittal's plant in Liege, eastern Belgium, had been suspended after the steelmaker failed to come to an agreement with unions over details of job losses.

However, the company has now agreed the plan with unions and Jean-Claude Marcourt, minister for economy in the Walloon regional government, it said in a statement emailed on Wednesday.

The investment should help retain activities at the plant, such as rolling steel and research and development.

ArcelorMittal is closing down two blast furnaces and a foundry at its Liege site, with unions estimating that 500 jobs would be lost.

(Reporting By Ben Deighton; Editing by Helen Massy-Beresford)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Innovative Solution

Innovative Solution

Turning smog into jewels - a Dutch designer's solution to Beijing's pollution.  Video 

Insider Trading

Insider Trading

Rajaratnam's brother loses bid to dismiss insider trading charges.  Full Article 

Literary Giant Dies

Literary Giant Dies

Mourning and memories in Gabriel Garcia Marquez's languid hometown.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage