ArcelorMittal's U.S. Employees Need To Share More Of The Cost of Health Insurance, Company Says
08/03/2015 - Steel giant ArcelorMittal, which is negotiating a new labor deal with the United Steelworkers, said it needs to freeze or cut pay for some employees and require others to contribute more to the cost of their health insurance, according to the Wall Street Journal.
“We should not have a condition of employment worse than our competition,” ArcelorMittal Chief Executive Lakshmi Mittal told the Journal in an interview. “We should not be in an unfair position.”
The union represents about two-thirds of ArcelorMittal’s 20,000 American workers. The company is up against a Sept. 1 deadline to come to terms on a new agreement, according to the newspaper.
U.S. steelmakers are struggling to compete against steel imports, and ArcelorMittal is envisioning a U.S. restructuring that is
focused on its steel-finishing operations, the Journal said.
Meanwhile, the company is thinking about closing company's Vereeniging mini-mill in South Africa. The mill produces about 400,000 tons of crude steel annually and employs roughly 1,200 people. CFO Aditya Mittal said the decision depends on whether steel-import pressure abates, the Journal reported.
The union represents about two-thirds of ArcelorMittal’s 20,000 American workers. The company is up against a Sept. 1 deadline to come to terms on a new agreement, according to the newspaper.
U.S. steelmakers are struggling to compete against steel imports, and ArcelorMittal is envisioning a U.S. restructuring that is
focused on its steel-finishing operations, the Journal said.
Meanwhile, the company is thinking about closing company's Vereeniging mini-mill in South Africa. The mill produces about 400,000 tons of crude steel annually and employs roughly 1,200 people. CFO Aditya Mittal said the decision depends on whether steel-import pressure abates, the Journal reported.
