Mexican steelmaker to cut 12,000 jobs

December 3rd, 2008 - 3:38 pm ICT by IANS  

Mexico City, Dec 3 (IANS) Mexican steel giant Altos Hornos has said it would cut 12,000 jobs as part of “austerity measures” in the wake of the global recession, EFE reported Wednesday.The firm said an upgradation project worth $287 million of its iron mines has been postponed indefinitely. The plan was expected to boost the company’s annual production capacity by 40 percent to 4.6 million tonnes of liquid steel.

The firm said further retrenchment was possible if the economic situation did not improve.

It said it had reduced production because of sharp decline in both domestic and international markets.

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