- ArcelorMittal (MT -4.3%) says it plans to cut an unspecified number of jobs in South Africa as part of a restructuring to cut costs and deal with excess capacity due to COVID-19.
- ArcelorMittal South Africa says the various lockdown regulations have caused a "material negative impact" on its business and expects it will "take some time" for crude steel production to return to historical levels or planned levels for 2020.
- A significant part of available production capacity may remain unused for an extended period, the company says.