MILAN (Reuters) - Steel giant ArcelorMittal said on Wednesday it was planning up to 1,400 temporary layoffs at its Taranto plant in southern Italy, citing the current difficulties of the global steel market.
ArcelorMittal has already informed national and local unions and it will meet them on Thursday to provide further details, the company said in a statement.
“It is a tough decision, but market conditions are really critical throughout Europe. I would like to reiterate that these are temporary measures because steel is a cyclical market”, ArcelorMittal Italia Chief Executive Matthieu Jehl said.
ArcelorMittal, which bought the ex-Ilva plant last year, confirmed its commitment in carrying on its 2.4-billion-euro ($2.70 billion) industrial plan which includes measures to mitigate the environmental impact of the Taranto site.
Reporting by Gianluca Semeraro; editing by Crispian Balmer