Luxembourg - ArcelorMittal, the world's largest steel producer, said Wednesday it is to cut costs by 4 billion dollars.
The cost reduction was to be achieved over the next five years, the company said Wednesday in Luxembourg, with 600 million dollars to be saved in human resources.
The strategy included an increase in productivity, a cut in jobs through early retirement schemes, natural turnover and "targeted rationalization," head of finance Aditya Mittal said at an investor conference in London.
More exact figures were not stated.
The price of shares in ArcelorMittal rose by 3 per cent to 44 euros (62 dollars).
The company today employs more than 320,000 people in more than 60 countries.