Mittal commited to preserving jobs

CHICAGO – The world’s biggest steel maker, Mittal Steel, on Sunday underscored its commitment to preserving jobs if its takeover offer for the sector’s number two concern, Europe’s Arcelor, goes forward.

“We’ve already said that we intend to reduce 45 000 jobs by 2010, and these are natural departures and retirement. We’ve already captured 10 000 ones in 2005, and if we keep that pace we can achieve our goal by 2010,” said Aditya Mittal, finacial chief at the concern whose family holds 88 per cent of the capital.”From a job perspective, it’s a secure operation,” he stressed.Netherlands-based Mittal Steel has made a 18,6-billion-euro (N$135,78 billion) offer for European steel giant and world number two producer Arcelor.The Arcelor board rejected Mittal’s offer, which has also sparked opposition from the governments of France, Spain and Luxembourg.Arcelor is composed of former national steel interests in the three countries but also has operations in Belgium.Mittal Steel believes it can save a billion US dollars in purchasing, manufacturing and marketing synergies with Arcelor by late 2009.But European concerns have been largely about potential job cuts.”We intend to play our role in making them understand what are our plans and then we’ll submit the project to the shareholders,” added Mittal.”It’s normal to face some fears.So we have to explain.”-Nampa-AFPWe’ve already captured 10 000 ones in 2005, and if we keep that pace we can achieve our goal by 2010,” said Aditya Mittal, finacial chief at the concern whose family holds 88 per cent of the capital.”From a job perspective, it’s a secure operation,” he stressed.Netherlands-based Mittal Steel has made a 18,6-billion-euro (N$135,78 billion) offer for European steel giant and world number two producer Arcelor.The Arcelor board rejected Mittal’s offer, which has also sparked opposition from the governments of France, Spain and Luxembourg.Arcelor is composed of former national steel interests in the three countries but also has operations in Belgium.Mittal Steel believes it can save a billion US dollars in purchasing, manufacturing and marketing synergies with Arcelor by late 2009.But European concerns have been largely about potential job cuts.”We intend to play our role in making them understand what are our plans and then we’ll submit the project to the shareholders,” added Mittal.”It’s normal to face some fears.So we have to explain.”-Nampa-AFP