ArcelorMittal reduces wages of foreign specialists by 50%

The difficult geopolitical situation, the general slowdown in economic growth in the region, unfavorable external environment of market channels have led to the difficult financial situation and lack of cash in the accounts of ArcelorMittal, the statement reads. "Difficulties with sales in foreign markets occurred due to the following reasons: the Russian ruble devaluation made products of "ArcelorMittal" uncompetitive on the Russian market, which is one of the key outlet markets for the company. As a result, the cost of Kazakhstani steel was significantly higher in comparison with Russian products," said the Director of Human Resources and Labor Relations Dmitry Pavlov. The company was founded in 1960 and is based in Temirtau, Kazakhstan. JSC ArcelorMittal Temirtau operates as a subsidiary of Arcelor Mittal. JSC ArcelorMittal Temirtau produces and sells longitudinal welded tubes and pipes for the mechanical industry, and water and gas distribution applications primarily in Kazakhstan. It also exports its pipes and tubes to the member countries of the Commonwealth of Independent States. It consists of Metallurgical Plant in Temirtau, 8 coal mines in the Karaganda region, 4 iron ore mines in Karaganda, Akmola and Kostanay regions.