ArcelorMittal may slash 10,000 jobs in 2010

The world's largest steel maker ArcelorMittal may cut 10,000 jobs globally next year and plans to reduce costs in order to regain its lost market share particularly in Europe, a media report says.

Attributing to trade union representatives who attended a European workers committee meeting last week, French daily Les Echos said, despite the rise in steel production globally, the steel giant was preparing to cut back its workforce.

The company, which currently employs 285,300 people, is planning to eliminate around 10,000 jobs next year across the world, the report stated.

ArcelorMittal also wants to regain its lost market share in Europe for which it plans to reduce overhead costs by about $500 million.

The company has already moved to slash thousands of jobs earlier this year, amid the steel space suffering the impact of the global economic downturn.

The French daily further added that during the meeting with European representatives of the staff, the possibility of declining enrollment was mentioned and linked to natural attrition and optimising production.