Thursday, June 04, 2009

ArcelorMittal Gets Approval for Deep Layoffs in Spain

ArcelorMittal, the world’s largest steel maker, said Wednesday that the Spanish government had granted it permission to lay off a major part of its work force in Spain, another sign of retrenchment in a country that already has the highest jobless rate in Europe.

The layoffs would run until the end of the year and could be extended until June 1, 2010, if economic conditions warrant. All laid-off workers will receive at least 90 percent of their gross salaries, with part of that amount paid by the government.

The company did not say how many employees it intended to idle, but it said it could cut the total hours worked, at maximum, by 40 percent at its Spanish plants.

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