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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowArcelorMittal SA plans to shut down steel-bar operations at its East Chicago plant, resulting in layoffs for 400 employees, the Chicago Tribune reported yesterday.
The layoffs of both union and non-union workers affect 8 percent of the plant’s work force, the newspaper said. The closure will be indefinite.
Luxembourg-based ArcelorMittal produces about 10 percent of the world’s steel, but has seen falling demand due to declines in the construction, automobile and other industries. The steel-bar division makes structural steel used in buildings, bridges and railroad tracks.
The company lost $2.6 billion on $22.1 billion in revenue during the fourth quarter of 2008, compared to $2.4 billion in profit on $28 billion in revenues in the fourth quarter of 2007.
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