The Chief Executive Officer (CEO) of ArcelorMittal Liberia, Michel Prive, has expressed regrets over the unfavorable economic environment that has prompted the reduction of the company’s workforce by 167.
The company in a communication on Thursday disclosed that it took the difficult but necessary decision to reduce its workforce as a result of continuing unfavorable market conditions and changes to the company’s operating model.
Prive explained that the mining industry is facing significant challenges as a result of the drop in iron ore prices, putting pressure on mining producers to run their assets as efficiently as possible.
Prive said changing the operating model and further reducing costs is required to ensure the competitiveness of the company’s operations, noting, “We understand
that this is difficult news for the affected employees.”
According to the CEO, the company has a deep commitment to Liberia and its people as it was committed to making significant investment after the war and has since led the way in the revitalization of the Liberia’s mining industry.
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 19 countries.
In 2014, ArcelorMittal had revenues of US$79.3 billion and crude steel production of 93.1 million tonnes, while its iron ore production reached 63.9 million tonnes.