ArcelorMittal, Sasol to cut jobs

Two major companies in South Africa have announced planned job cuts as companies across the country continue to battle the impact of the coronavirus pandemic.

Steel producer ArcelorMittal South Africa has announced plans to cut an unspecified number of jobs as part of a restructuring process to cut costs.

The company, which is Africa’s biggest steel producer says it expects crude steel production to take some time to return to historical or planned levels for 2020.

Energy and chemical company, Sasol, has issued unions with a Section 189 retrenchment notice to cut an unspecified number of jobs as well.

Sasol’s global workforce is over 31 000 with the bulk of employees based in South Africa.

The move is likely due to a drop in oil prices and production as economies around the world came to a halt due to the pandemic.

In the video below, Economist Mike Schussler explains why more jobs are likely to be shed:

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