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ACL: Restructuring As A Result of Operational Requirements
ArcelorMittal South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1989/002164/06)
Share Code: ACL ISIN: ZAE000134961
(“ArcelorMittal South Africa” or “the Company”)
RESTRUCTURING AS A RESULT OF OPERATIONAL REQUIREMENTS: ARCELORMITTAL
SOUTH AFRICA COMMENCES CONSULTATION PROCESS IN TERMS OF SECTION 189(3)
OF THE LABOUR RELATIONS ACT
Shareholders are reminded that the Company previously advised that in
order to address the current challenges as outlined in its
consolidated financial statements for the six months ended 30 June
2017 announcement released on 27 July 2017, the Company was in the
process of exploring several additional initiatives, including
additional cost saving interventions, assessing the profitability of
various product lines and the implementation of structural changes
(restructuring) in the next six months.
All options are being explored and the Company has no option but to
also review its staffing levels.Consequently, the Company will be
commencing with a consultation process in terms of section 189(3) of
the Labour Relations Act 66 of 1995, based on its operational
requirements which relate to its economic and structural needs.
It is difficult to estimate the number of employees who may eventually
be affected as a result of the proposed restructuring and efficiency
measures (but it is anticipated to be more than 50 employees) as this
is subject to the outcome of the consultation process and other
mechanisms that will be explored to minimise the impact.
ArcelorMittal South Africa continues to engage constructively with
Government and organised labour representatives in an attempt to
reduce the impact of the changes, particularly with regard to
potential job losses. To this end, the Company will first consider
implementing alternatives before retrenchments are implemented.
As South Africa’s leading steel producer, the sustainability of the
local steel industry and the prevention of job losses remains an
important concern and the Company will continue to engage its
stakeholders to find collaborative and lasting solutions to the
challenges faced by the industry. Shareholders will be informed once
the process has been finalised.
15 August 2017
Vanderbijlpark Works
For further information please contact:
Mr Hennie Vermeulen
Group Manager: Corporate Communications
Tel: (016) 889 2352
Sponsor to ArcelorMittal South Africa Limited
Absa Bank Limited (acting through its Corporate and Investment Banking
division)
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