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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,800 18 apr 2024 17:35
  • +0,290 (+1,23%) Dagrange 23,560 - 23,960
  • 2.676.573 Gem. (3M) 2,4M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 196 197 198 199 200 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 3 maart 2015 16:49
    Rio Tinto job cuts to hit office staff

    Mining Australia reported that Rio Tinto are set to reduce staff numbers from iron ore operations in Western Australia, with numbers estimated by media outlets to be anywhere between 700 to 800 employees.

    Union representatives said that rumours within the company point to a 10% reduction of office based staff.

    A source within Rio Tinto said that redundancies were expected to be handed out sometime before March 9.

    Last week the Sydney Morning Herald reported 700 jobs would be cut from the iron ore operations, while the West Australian said as many as 800 were on the chopping block according to the Western Mine Worker’s Alliance organiser Mr Stephen Price.

    Mr Price said that Rio had sent a letter to employee representatives last Thursday which warned that significant layoffs were imminent.

    Rio Tinto emphasised that the focus of Rio Tinto’s management of iron ore operations was cost cutting and that operations staff.

    Source – Mining Australia
  2. forum rang 10 voda 3 maart 2015 16:49
    Canada extends and broadens tax credits to aid miners

    Reuters reported that the Canadian government outlined plans to extend for a year exploration tax credits offered to miners and broaden the scope of the credits, in an attempt to boost a sector that has been ravaged by falling commodity prices and a scarcity of funding.

    The government said that it hopes the tax credit, which is aimed at boosting exploration activity within Canada, will support hundreds of small companies.

    Canada is home to the vast majority of the world's metal and mineral exploration companies, which have been hit hard as copper, gold, iron ore and other commodity prices have slumped over the last four years.

    Mr Joe Oliver finance minister of Canada said that "We are extending the mineral exploration tax credit to provide junior mining companies access to the venture capital they need.”

    Canada is extending the 15% tax credit for investors in flow through shares for an additional year, until March 31st 2016. Flow through shares, which can only be issued to finance a company's exploration efforts, allow early stage miners to pass on a tax credit to investors that buy them.

    The government said since 2006, the credit has helped juniors raise more than CAD 5.5 billion for exploration. Even with the tax credit however, miners have struggled to raise funds. The latest data from research firm Oreninc shows that cash raised from flow-through funding fell to CAD 373 million in 2014 from about CAD 710 million in 2012, when metal prices were much stronger.

    The government plans to amend the law to ensure that costs associated with undertaking environmental studies and community consultations, required to obtain exploration permits, will now be eligible for treatment as exploration expenses. This would make them deductible for tax purposes and allow miners to also fund these costs via the issuance of flow through shares.

    Costly, lengthy and grueling environmental studies and community consultation processes in Canada are among the factors that have prompted many miners to bet on projects in politically risky jurisdictions overseas in recent years.

    Source – Reuters
  3. forum rang 10 voda 3 maart 2015 16:50
    Iran discovers huge iron ore and coal reserves

    IRNA cited Mr Mehdi Karbasian deputy Minister of Industry, Mines and Trade of Iran said that two huge iron ore and coal reserves were discovered in Iran in the first half of current Iranian calendar year (started on March 21, 2014).

    Mr Karbasian, who is also, chairman of the Iranian Mines and Mining Industries Development and Renovation Organization underscored that a 200 million tonnes and 120 million tonnes of iron ore and coal reserves respectively have been discovered in Sangan mine in the eastern province of Khorasan Razavi. Sangan mine enjoys huge mineral resources.

    Source – IRNA
  4. [verwijderd] 3 maart 2015 23:26
    quote:

    voda schreef op 3 maart 2015 16:50:

    Iran discovers huge iron ore and coal reserves

    IRNA cited Mr Mehdi Karbasian deputy Minister of Industry, Mines and Trade of Iran said that two huge iron ore and coal reserves were discovered in Iran in the first half of current Iranian calendar year (started on March 21, 2014).

    Mr Karbasian, who is also, chairman of the Iranian Mines and Mining Industries Development and Renovation Organization underscored that a 200 million tonnes and 120 million tonnes of iron ore and coal reserves respectively have been discovered in Sangan mine in the eastern province of Khorasan Razavi. Sangan mine enjoys huge mineral resources.

    Source – IRNA
    Als dat hier is: www.google.nl/maps/place/Sangan,+Khorasan+Razavi,+Iran/@34.3502032,60.33689,333m/data=!3m1!1e3!4m2!3m1!1s0x3f16ea49f17e1e2f:0x9e5ef92d36f4a7c

    Dan hebben ze de halve mijn wel nodig om eerst een spoorlijn naar de bewoonde wereld aan te leggen.
  5. forum rang 10 voda 4 maart 2015 16:40
    Indian iron ore imports zoom to 5.63 million tonnes in April-November

    PTI reported that the Indian government said that iron ore imports have increased sharply to 5.63 million tonnes in 2014-15 till November as against 0.37 million tonnes in previous financial year.

    Mr Vishnu Deo Sai, Minister of State for Steel and Mines, said that the import of iron ore has increased from 0.37 million tonnes in year 2013-14 to 5.63 million tonnes in the year 2014-15 (April-November)."

    He added that iron ore imports in 2012-13 were at 3.05 million tonnes while in the previous 2011-12 year imports were 0.97 million tonnes.

    Mr Sai said that “There is no acute shortage of raw material like iron ore. However, there are regional shortages of iron ore due to Supreme Court's decisions regarding lease renewal in Goa and Odisha and cancellation of mining leases in Karnataka.”

    Source - PTI
  6. forum rang 10 voda 4 maart 2015 16:44
    Glencore paints weak outlook for global commodity prices in 2015

    Bloomberg reported that Glencore, the world’s largest publicly traded commodities house, painted a weak outlook for raw materials prices this year, saying supply of iron ore, oil and food commodities is likely to run above demand.

    Mr Ivan Glasenberg CEO of Glencore said that global economic growth traditionally the main driver of commodities consumption remains lackluster. The gradual process of normalization following the financial crisis has continued, but at a slower pace than many expected. Some of the most important legacies of the crisis continue to drag on, including those relating to Europe.”

    The Baar, Switzerland based company was particularly bearish about iron ore, saying the market for the steelmaking raw material was set to remain subdued in 2015. Iron ore is key for the profitability of some of Glencore’s top rivals, including Rio Tinto Group, BHP Billiton Ltd and Anglo American Plc. Iron ore prices fell last week to USD 64.60 per tonne down 46% over the last year.

    Glencore said that it was expecting the period of low oil prices to continue, calling the adjustment after the Organization of Petroleum Exporting Countries decided to fight the rise of US shale production a work in progress.

    Glasenberg said the industrial metals markets where the company is a miner as well as trader such as copper, zinc and lead looked relatively strong. We still believe that in the commodities in which we operate they are in deficit or transitioning into deficit zinc, copper, coal, nickel.

    The views of Glencore are closely watched in the commodities market as the company operates one of the largest trading operations in the world, spanning raw materials from copper to soybeans, oil and sugar.

    Source – Bloomberg
  7. forum rang 10 voda 4 maart 2015 16:46
    Latin American finished steel annual production falls 2pct in 2014

    End of the year figures describe that the Latin American steel market did not grow during 2014, impacted by the global and regional economic deceleration. Advance information of January 2015 indicates that 2014's market weaknesses persist at the beginning of the new year.

    Production;
    In 2014, Latin America and the Caribbean produced 65.6 million tonnes of crude steel, in line with 2013. Brazil represented 52% of the regional output (33.9 million tonnes), even when it described a slight drop of 1% YoY.

    In 2014, the strongest crude steel production percentage growths were registered in Ecuador (16%), Peru (8%), Argentina (6%) and Mexico (4%). On the other hand, Venezuela and Chile described declines of 31% and 15%, respectively.

    Regional production of finished steel reached 56 million tonnes in 2014, 2% less than 2013. Brazil was the main producer (24.8 million tonnes), representing 44% of the regional output. It was followed by Mexico with 17.3 million tonnes and 31% share of production. The countries that increased their finished steel production the most were: Dominican Republic (16%), Peru (12%), Colombia (9%), Mexico (6%) and Ecuador (6%). Meanwhile, Venezuela and Chile decreased by 30% and 15%, respectively.

    Finished steel consumption;
    Apparent finished steel use reached 69.5 million tonnes in 2014, an increase of 1% vs 2013. The most significant steel use expansions were observed in Mexico a market that grew 12% vs 2013 to reach 22.5 million tonnes), Colombia (21% to reach 4.2 million tonnes), Peru (24% to reach 3.4 tonnes) and the Dominican Republic (36% to reach 516.000 tonnes). On the other hand, Venezuela displayed an important 36% drop, because of its recessive economy and an inflation that reached 60% in 2014 according to the Venezuelan Central Bank. Finished steel consumption in Ecuador and Chile contracted by 13% and 5%, respectively.

    In Brazil, finished steel consumption decreased 7% in 2014, equivalent to 1.8 million tonnes below 2013 consumption. This was a consequence of the economic downturn of the country (Brazil's economy contracted 0.12% in 2009, the worst figures since 2009, according to the Central Bank) and of problems arising from the high tax burden, increasing inflation and energetic shortages.

    Trade balance;
    Latin America imported 22.9 million tonnes of finished steel in 2014, 8.2% above 2013 level (21.2 million tonnes), discouraging the local industry, increasing trade frictions and jeopardizing jobs. Currently, imports account for 33% of the regional consumption.

    Latin American exports of finished steel reached 8.5 million tonnes, a slight increase of 0.7% versus 2013. In 2014, the regional trade deficit reached 14.4 million tonnes. This unbalance is 13% deeper than in 2013 (12.8 million tonnes).

    In 2014, several Latin American and Caribbean countries displayed finished steel trade deficit. The most significant was registered in Mexico (5.1 million tonnes); followed by Colombia (2.4 million tonnes), Peru (1.9 million tonnes) and Chile (1.5 million tonnes). Graph 02 describes the evolution of trade flows and balances.

    Production January 2015;
    Advance information of January 2015 indicates that crude steel production reached 5.5 million tonnes, 2% above January 2014. Finished steel output was 4 million tonnes, 11% less YoY. These figures signal that market weaknesses of 2014 continue into the beginning of the new year.

    Source – Strategic Research Institute
  8. forum rang 10 voda 4 maart 2015 16:46
    Global iron ore surplus seen by World Bank lasting two years

    According to the World Bank, if history is any guide the global glut in iron ore may persist for as long as two years which forecasts that the steel making raw material will average USD 75 per tonne this year.

    Mr John Baffes, a senior economist at the lender said that “From experience from earlier iron ore episodes as well as other metal markets, it takes about one to two years for either excess supplies to get back to normal levels or excess demand to be met by larger supplies”

    Mr Baffes, who’s worked at the bank for more than two decades said that “Weak economic growth prospects in the global economy is the key reason behind the weakness of most industrial commodity prices, including iron ore. China may grow 7.1% in 2015 down from about 7.4% in 2014.

    Morgan Stanley forecasts that the glut will rise through to at least 2018. China’s economy, which consumes about two thirds of iron ore transported by sea, slowed last year to the weakest pace since 1990.

    Iron ore tumbled 47% in 2014 and extended losses this year as surging low-cost supplies from producers including Rio Tinto Group and Fortescue Metals Group Ltd outpaced demand growth in China, spurring the surplus.

    Source - Bloomberg
  9. forum rang 10 voda 4 maart 2015 16:47
    Save ILVA decree converted into law in Italian parliament

    ANSA reported that a decree rescuing the insolvent and pollution-plagued ILVA plant at Taranto in Puglia was converted into law by the House Tuesday with 284 ayes, 126 nays and 50 abstentions.

    Last month the cash strapped steel manufacturer got EUR 400 million in state-backed loans from the national government's Cassa Depositi e Prestiti (CDP). The cabinet also approved a EUR 260 million bridge loan. Extraordinary commissioners are now managing ILVA as the troubled plant goes through a massive environmental cleanup and financial turnaround project.

    ILVA also recently agreed with unions to make 4,074 instead of 4,459 workers redundant as of March 2. Those workers will remain on the books another 12 months under so-called solidarity contracts, or subsidised short-time working schemes, FIM CISL union said.

    Under solidarity contracts, workers agree to change their hours or pay conditions to prevent redundancies.

    Source – ANSA
  10. forum rang 10 voda 4 maart 2015 16:47
    China's steel industry contracts for the 10th month

    Growth in China's embattled steel industry has declined for the tenth month in a row despite its recent rebound in activity. The Purchasing Manager Index, which measures activity in the sector, stood at 45.1 for February.

    Any figure above 50 indicates expansion, while below 50 suggests contraction.

    An insider from a medium sized and privately owned steel mill in Jiangsu accuses the government of ignoring the plight of privately owned steel firms. The government is protecting state-owned enterprises and offering them subsidies whenever they are making a loss.

    The introduction of a new environmental law this year will significantly increase the cost production by 13% or CNY 200 per tonne.

    Source – Business Spectator
  11. forum rang 10 voda 4 maart 2015 16:48
    WARNING ! :-)

    Plastic as strong as steel developed

    The Geek reported that Sekisui Chemical has developed a new resin that’s as strong as steel, while at the same time being much lighter.

    The resin is actually made up of a three-layer structure. Polyolefin foam is encased in thermoplastic sheets that have a nanoscale graphene-like carbon sheet integrated into them. The end result is a very strong, rigid plastic sheet that can be easily heat molded in a press to form a desired shape while retaining that strength.

    Sekisui stated that the sheets, which can be up to 10mm thick, are available in two forms. The first focuses on stiffness and weighs 3,500 grams/m2. The second focuses on minimizing weight by reducing stiffness and weighs just 2,200 grams/m2. For comparison, an equivalently stiff steel sheet weighs 10,100 grams/m2. That’s a huge weight saving.

    The combination of lightweight, easy molding and steel like strength potentially make it ideal for use in cars, trains, ships and even aircraft and Sekisui will be focusing on these markets. There’s also plans to explore its use in construction. And of course, there’s one more advantage to using a plastic resin instead of steel, especially in vehicles subject to the elements: it won’t require the same treatments and paint to stop corrosion. That will also mean a saving on manufacturing and maintenance costs as well as weight.

    Samples of the new material are set to be available by the summer of this year. If the resin turns out to be as good as it sounds we could see a company such as Tesla experimenting with it to make its cars even lighter without compromising safety.

    There is a growing focus at the moment on making all of our transportation more fuel efficient. This can be done in a number of ways, including developing ever more efficient engines. However, the weight these engines need to move also comes into play. The lighter a vehicle is, the less fuel is required to carry it along.

    Source - www.geek.com
  12. forum rang 10 voda 4 maart 2015 16:49
    Russian steel mills become world beaters after ruble's slide

    Bloomberg reported that the collapse of the ruble, which has pushed up prices for millions of Russians as the economy slides into recession, has not been bad for everyone. The country’s steel mills are suddenly world beaters.

    Producers including PAO Severstal and OAO Novolipetsk Steel pay wages and other costs, including transportation, in rubles while earning dollars or euros for exported steel. That’s allowing them to undercut rivals like ArcelorMittal, the world’s largest steelmaker, while maintaining profitability.

    Mr Kirill Chuyko head of equity research as BCS Financial Group said that “This is fantastic time for the Russian steel industry. Most of the companies are enjoying the best profitability since the 2007 and 2008 pre crisis commodity boom due to the ruble’s decline.”

    Even before the ruble’s 47 decline last year the industry was in good health. Output last year reached the highest since the global financial crisis as demand at home was high and started to recover in European export markets. Russia’s steelmakers have invested billions in upgrading Soviet era mills and the nation produces more than any other country in Europe, one of its main export markets.

    According to CRU Group, an industry consultant, now, the ruble’s slide has cut costs for Russian mills by almost half in dollar terms. Making hot rolled coil, a benchmark product, now costs USD 244 to USD 250 per tonne in Russia compared with USD 405 per tonne in Brazil and USD 434 per ton in China.

    Source – Bloomberg
  13. forum rang 10 voda 4 maart 2015 16:50
    Update on weekly raw steel production in USA

    In the week ending February 28th 2015, domestic raw steel production was 1,657,000 net tonnes while the capability utilization rate was 70.1%. Production was 1,824,000 net tonnes in the week ending February 28th 2014, while the capability utilization then was 75.8%.

    The current week production represents a 9.2% decrease from the same period in the previous year. Production for the week ending February 28th 2015 is down 3.4% from the previous week ending February 28th 2015 when production was 1,716,000 net tonnes and the rate of capability utilization was 72.6%.

    Adjusted year to date production through February 28th 2015 was 15,010,000 net tonnes, at a capability utilization rate of 75.3%. That is down 2.4% from the 15,375,000 net tonnes during the same period last year, when the capability utilization rate was 75.8%.

    Broken down by districts, here's production for the week ending February 28th 2015 in thousands of net tons: North East: 208; Great Lakes: 618; Midwest: 221; Southern: 526 and Western: 84 for a total of 1,657.

    Source – Strategic Research Institute
  14. forum rang 10 voda 4 maart 2015 16:50
    Nippon Steel planning JPY 1.35 trillion Japan capex in FY2015-17

    Reuters reported that Nippon Steel & Sumitomo Metal Corporation is planning about JPY 1.35 trillion in capital expenditures in Japan over the three years through fiscal 2017.

    Nippon Steel, the world's second biggest steelmaker by crude steel output, issued the target under its new midterm business plan.

    Source – Reuters
  15. forum rang 10 voda 4 maart 2015 16:51
    S&P affirmed Metalloinvest BB long term rating

    Metalloinvest announced that Standard & Poor’s Ratings Services affirmed ‘BB’ long term foreign and local currency ratings on the Company. The outlook was revised to Negative from Stable.

    According to the published statement, S&P affirmed ‘BB’ ratings because the agency believes that the weaker Russian ruble and a favorable product mix will continue to benefit Metalloinvest’s performance metrics. At the same time the outlook was revised to Negative because of increasing uncertainty stemming from lower iron ore prices, mounting Russian country risk and Russian corporates’ constrained access to capital markets.

    Source – Strategic Research Institute
  16. forum rang 10 voda 4 maart 2015 16:52
    Scunthorpe steel pensions of 16,000 area people over liabilities

    Scunthorpe Telegraph reported that an increasing number of stakeholders in the Scunthorpe steel industry's main pension fund are living beyond their 100th birthday adding to the liabilities for the active members.

    The news comes as the value of the Glasgow based British Steel Pension Scheme reached an all time high of GBP 13.562 billion. The figure was reported to be valid as at November 27 last year. But the estimated 16,000 stakeholders in North Lincolnshire have been warned liabilities continue to grow and challenge the funding level of the scheme.

    As at September 30 last year, the fund had a total membership of 141,712, of which only 16,452 were active members. Payments being made where the beneficiaries were 100 years old or more totalled 108, with the oldest recipient being 107 years old.

    The trustees reported there were 31 pensioners who would attain the age of 100 years by last month (January). The pension scheme is currently monitoring developments in the proposed sale of the Tata Steel Long Products business, including the Scunthorpe works, to the Swiss based Klesch Group.

    Source – Scunthorpe Telegraph
  17. forum rang 10 voda 4 maart 2015 16:54
    High precision radar for the steel industry - Fraunhofer

    Steel is the most important material in vehicle and machinery construction. Large quantities of offcuts and scraps are left over from rolling and milling crude steel into strip steel. New radar from Fraunhofer researchers measures the width of the strip during fabrication to an accuracy of micrometers and helps to minimize scrap.

    Measuring dimensions precisely is crucial for production engineering for instance in the production of steel. Several tons of the material are processed in a steel mill every day. 20 cm white-hot ingots of cast steel are rolled out into thin sheet steel kilometers in length and subsequently wound into rolls. The plate steel roars through the rolls at speeds of up to 20 m/sec, but the strip often ends up too wide during this process.

    The excess edges need to be trimmed off afterwards and that means a high material losses. New millimeter-wave radar of the Fraunhofer Institute for High Frequency Physics and Radar Techniques FHR in Wachtberg provides assistance here. It measures the width of sheet steel during processing to an accuracy of micrometers. This permits the rolling facility to self adjust so that less scrap is produced with considerable savings in costs.

    Two radar sensors mounted at the side of the rolls measure the distance to the edge of the steel. In principle, the system can be compared with echo-locating by bats. The ultrasound signals that bats emit are reflected back by mice, branches, wires and mosquitoes like echoes. Bats listen to the echoes from things located in front of them and distinguish prey from obstacles.

    Prof. Nils Pohl, scientist and head of department at FHR in explaining the principle of how the system operates said that "Our radar sends out continuous electromagnetic signals that are reflected by the right and left edges of the strip. The transmitted and received signals are then compared to each other with the help of numeric algorithms. The width of the sheet can be calculated from this comparison."

    He said that the radar that determines distances of up to several meters with a precision of just a few micrometers, also measures very quickly 5,000 times a second. Silicon chips developed in-house make these values possible.

    Source - www.rdmag.com
  18. forum rang 10 voda 4 maart 2015 16:54
    Kobe Steel considers USD 800 million US aluminium plant for car supplies

    Kobe Steel Limited supplier of aluminum sheet to half of the nation’s auto industry, is considering building JPY 100 billion plant in the US to expand sales to Japanese carmakers operating in North America.

    The prize is an expected tenfold increase in demand for aluminum sheet in the US, where stricter fuel economy standards have ignited a race among carmakers to save weight and boost the efficiency of new models, driving up demand for the lightweight metal.

    Senior Officer Mr Hiroshi Kato said that the size of Kobe Steel’s potential investment is larger than anticipated because the company may need to add capacity at the plant to process aluminum alloy.

    Such an integrated plant would be three or four times bigger than originally planned and to justify the expenditure Kobe would need to find more customers for its aluminum, including those outside the car industry.

    Mr Kato said that “We are considering every possibility from the beginning. Our intention to gain access to the North American market hasn’t changed.”

    The company’s strategy in North America was upended after its Dutch rival, Constellium NV, agreed last year to buy Kobe’s supplier of semiprocessed alloy in the US, leaving the Japanese company with a need to find another supplier or take the processing in house.

    Mr Kato said that “If the company can secure new supply of semiprocessed alloy, it would revert to its original plan to build a smaller plant with a capacity of 100,000 metric tonnes.”

    Source – Bloomberg
  19. forum rang 10 voda 4 maart 2015 16:55
    Australian iron ore bullying claims baseless - MCA

    The Minerals Council of Australia said that an Australian Workers' Union resolution demanding a parliamentary inquiry into Rio Tinto and BHP's iron ore practices is baseless grandstanding.

    The Australian Workers' Union's national meeting passed a resolution condemning the companies for what it claimed was unconscionable market conduct. The AWU accused the mining pair of flooding the iron ore market while demand is falling to drive smaller, higher cost suppliers out of the sector.

    The AWU said that a parliamentary inquiry was needed to ensure alleged cartel like market behaviour was stopped.

    The National Conference supports the call for an ACCC (Australian Competition and Consumer Commission) into the illegal market behaviour by Rio and BHP. But the MCA have slammed the resolution and say allegations of anti-competitive conduct are baseless.

    Mr Brendan Pearson CEO of MCA said that condemning companies that have invested tens of billions of dollars developing Australia's greatest export industry takes empty grandstanding to new heights.

    Mr Pearson said that Australia's export earnings from iron ore were AUD 75 billion in 2013 to 2014, up from AUD 57 billion in 2012 to 2013. That increase of AUD 18 billion alone was more than the combined exports of wheat, beef, cotton and wool last financial year. Australian producers operate in a highly competitive global iron ore market.

    Source – Business Spectator
  20. forum rang 10 voda 4 maart 2015 16:56
    ArcelorMittal Liberia announces intention to reduce workforce

    ArcelorMittal Liberia with regret informed the local union of its intention to reduce its workforce by about 20%, as a result of unfavorable market conditions. This may have an impact on 270 jobs related to the mine support infrastructure, as well as some indirect contractor jobs associated with the mine.

    ArcelorMittal senior executives have met personally with senior members of the government of Liberia to explain the reasons for the company's intentions.

    The mining industry has been facing significant challenges over the past year as a result of the lower iron ore price, which is putting pressure on mining producers to run their assets as efficiently as possible.

    Against this backdrop, ArcelorMittal has had to re-examine the competitiveness of all its assets, identify the areas where costs are too high and take adequate measures in order to ensure the company remains competitive.

    This review showed that at ArcelorMittal Liberia, measures to optimize costs and improve productivity with a greater focus on operational excellence are now necessary in order to ensure the long term sustainability of the operation.

    Mr Antonio Carlos Maria, CEO ArcelorMittalLiberia said that "We deeply regret that the current economic environment is not allowing us to maintain employment at current level; but the reality is that we are struggling to remain profitable in light of the lower iron ore price. Our priority is to ensure the long-term sustainability of the operation whilst maintaining as many jobs as possible."

    Mr Carlos Maria said that "We understand that this is difficult news for the people who work at the mine who may be affected. We are in close dialogue with the union to explain the reasons for this proposal. ArcelorMittal Liberia remain committed to the country and we will continue to mine and ship up to 5 million tonnes of iron ore a year in Liberia from our operations in Yekepa and Buchanan. Negotiations with the union will continue. Any action taken will fully conform with Liberian laws and our wider obligations to employees and other stakeholders.”

    Source – All Africa
35.173 Posts
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