The reaction of unions is not made to wait

The crisis, ArcelorMittal size in live. The world leader in steel yesterday announced a plan of voluntary departures up to 9,000 positions in the world, including 6,000 in Europe. These measures mainly concern the support functions. On the basis of 42,000 white collar workers in the world in the group, a position in five will be deleted on these functions. Through these measures, the steelmaker wants to reduce its $ 1 billion commercial and administrative costs. This is in addition to the hundreds of positions that may disappear year next in its plant in Burns Harbor, in the United States.

The Group thus responds to the fall in demand for steel. The construction and automotive customers have frozen their orders, their own sales are in free fall. To face this brutal blow of brake, the steelmaker has already announced a program of reducing cost of 4 billion in September, then this month, a decrease in the production of flat steels for more than 30 in the United States and Europe. Yesterday, he decided to move the gear. In the Belgian subsidiary, is also called his program "speed up".

Collapse of the valorization

With a debt relatively high, due to the acquisition of Arcelor by Mittal in 2006, and an aggressive expansion strategy, the steel giant, even though it remains profitable, is weakened by the crisis. Despite a rebound of 47 over the past five sessions, its course has lost more than 60 since the beginning of the year. Between its highest June and now, its stock market value has increased from EUR 97 billion to 29 billion euros. And, within six months, the cost of protection (CDS) against a failure of ArcelorMittal was almost multiplied by 8.

Other steel producers could cut in costs, starting with the German ThyssenKrupp who should take this morning of the presentation of its financial results to announce a plan of savings of EUR 1 billion, according to the German press. Around the world, actors have already resorted to temporary closures of plants. "Unfortunately, the global economic reality is that it is necessary to adopt such measures," explained yesterday Bernard Fontana, Director of human resources of ArcelorMittal.

He has not detailed further this plan. A priori, countries which have important social seats, including the France, the Luxembourg or the Spain, are large. Saint-Denis, near Paris, where the Group employs more than 600 employees, anxiety is palpable, according to an employee. However, the seats are not only concerned, indicate internal sources. "For example, a vigil in a plant, attached to the support functions, can also opt for voluntary departure." A meeting took place Monday between unions and management of ArcelorMittal France.

The reaction of unions is not made to wait. "Lakshmi Mittal fails its promise not to touch the workforce, critical Patrick Auzanneau, of the CFDT. "It uses the crisis to reassure shareholders," which is the first with 44 of the capital. "We propose that it may reverse to the company or any portion of the dividend for fiscal year 2008", adds Henri Botella, Member of the Committee of European company ArcelorMittal CFE - CGC.