ArcelorMittal Cutting Steel Jobs

ArcelorMittal, the worlds largest steelmaker, is looking to cut 3.5% of its work force over the next year. The company has not yet provided any hard numbers, but that would come out to roughly 10,000 employees, most of whom would likely be in the US or in Europe, where steel demand has dropped off the most. The company continues to expand its operations in developing parts of the world where demand for steel has stayed constant or increased.

ArcelorMittal was formed by the 2006 merger of giants Arcelor and Mittal Steel. The combined company is headquartered in Luxemburg, with employees in over 60 countries, and is 28th on the 2009 Fortune Global 500 list.