In what seems to be a deviation from its stated policy to cut only non-production jobs and also an indication of demand contraction worldwide, the world's largest steel maker, the ArcelorMittal Group, has decided to cut 1,000 production employees from its plants in Poland, which have the lowest production costs among all group plants.
Lakshmi N Mittal lost $16 billion (₤9 billion) in just 120 days due to recession-hit stock market.
http://www.ibnlive.com/news/mittal-poorer-by-16-bn-heads-list-of-super-rich-losers/75108-19.html
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