ArcelorMittal Defers Kazakh Salary Cuts After Tenge PlungeThomas Biesheuvel
ArcelorMittal has deferred proposed salary cuts at its Kazakhstan operations after the country allowed the value of the tenge to slump by more than a fifth.
The world’s largest steelmaker is reviewing options and would continue discussions with stakeholders in the country, the Luxembourg-based company said in a statement Thursday.
ArcelorMittal employs about 35,000 people in the former Soviet country, where it operates three blast furnaces with capacity to produce about 4 million metric tons of steel. It had proposed pay cuts of about 25 percent to combat a wave of cheap Russian imports after the ruble slumped.
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