About 20 percent of the employees at ArcelorMittal-Liberia in Yekepa, Nimba County will lose their jobs as part of structural changes to keep the multi-million dollar steel company fully operational.
According to the Head of Corporate Communications, Hesta Baker Pearson, over 2,000 Liberians will, however, retain their jobs.
Speaking during the Ministry of Information regular press briefing at the Ministry on Wednesday, Pearson said, “This decision is 100 percent attributed to present market realities where pricing is a problem to the mining industry.”
“The price of iron ore has dropped currently to US$61 per ton, less than half of its price in January 2014 which was US$128,” she explained.
Pearson assured ArcelorMittal’s commitment to transforming the lives of citizens but said it will institute measures to keep the entity alive as it is faced with significant marketing challenges.
She said management regrets the situation which it attributed to the unfavorable economic environment that is not allowing the company to maintain or increase its workforce.