Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
ArcelorMittal, multinational steel manufacturer, announced its intention to cut 1300 jobs in Belgium. It will close 7 of the 12 manufacturing lines at its cold-processing phase in Liege.
The part-closure comes as a consequence of the ongoing global economic crisis, declining demand especially from the automobile sector and a negative economic outlook, according to the company.
The Renault procedure was launched. It is reported that the unions see this development as a ‘social drama for Belgium’ and will aim to reduce the number of redundancies. Moreover, national and regional governments are working on alternative solutions for the plant. This is not first major internal restructuring at ArcelorMittal: 1700 jobs were cut in 2009 (13163) and another 700 in 2012 (19093).
As reported, Belgium has applied for assistance from the European Globalisation Adjustment Fund (EGF).
Eurofound (2013), ArcelorMittal, Internal restructuring in Belgium, factsheet number 74822, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74822.