One of the world's largest steel producers, ArcelorMittal announced on Tuesday that it will slashing employment in Poland by 500. This decision is due to a reduction in production and the global financial crisis.

"We'll be sacking 500 more people this year. The cuts come on top of 980 that had been planned for a long time as part of the group's restructuring in Poland," ArcelorMittal Poland spokesman Andrzej Krzysztalowicz told AFP. "The primary reason is the crisis," he explained.

The Indian company feels that Russian steel – which is imported into Europe at a rate of three million tonnes a year – has a negative impact on its activities. (RG)

Source: AFP