New ArcelorMittal CEO plans $1 bln cost cuts

The world's biggest steelmaker plans to cut 20% of its office staff.

ArcelorMittal announced the plan Thursday (February 11), as part of a $1 billion cost-reduction effort.

The move isn't a result of any immediate crisis.

Thursday also saw fourth-quarter core profit almost double to $1.73 billion.

ArcelorMittal says it's seen little impact from a second wave of lockdowns as a result of the global health crisis.

It says end-user demand is recovering, and customers are rebuilding stockpiles.

Now a new boss will steer the cost-cutting.

The group says finance chief Aditya Mittal is taking the helm.

He takes over from his father and company founder, Lakshmi Mittal.

Besides job cuts, the cost reduction measures will also moves to boost productivity and reduce the number of contractors.