Mittal Steel to cut 30% of jobs worldwide

Mittal Steel to cut 30% of jobs worldwide

Mittal Steel Co. recently announced plans to downsize its labor force by 30% over the next five years. The job cuts would begin following Mittal's takeover of International Steel Group Inc. at the end of March. The current labor force of 155'000 will be downsized by nearly 8'000 employees every year until the target of 110'000 is reached in 2010. Mittal is one of the world's largest steel companies, posting annual sales of nearly $32 billion and boasting an annual steel production capacity of 70 million tons.