ArcelorMittal accuses Russia, China and Turkey of dumping steel prices

MONTERREY - Reuters

An employee walks inside the China Steel production factory in Kaohsiung in this May 18, 2010 file photo. Reuters Photo

ArcelorMittal, the world’s largest producer of steel, will cut 2,800 jobs at its Mexico unit as global prices slump, it said in a joint statement with local competitors on July 1, while accusing Russia, China and Turkey of dumping steel on markets at levels below production costs.

Altos Hornos de Mexico (AHMSA), DeAcero and ArcelorMittal warned in the statement that if Mexico continues to import steel products at what it called dumping prices, the number of job cuts will rise.

AHMSA said in June it would cut its workforce by 20 percent, around 4,500 jobs, and suspend investments.
DeAcero said it had fired 2,500 workers and suspended operations at one plant.