JOHANNESBURG - ArcelorMittal CEO Kobus Verster says there's been no talk of a one billion rand government bailout.
He's criticised what he called government's slow and insufficient response to the crisis in the steel sector.
ArcelorMittal SA reported a R5.1-billion headline loss for the financial year ending in December last year, blaming global and local issues.
The wind-down of the company's long-steel business is delayed amid continuing discussions with government.
Verster says the 3,500 job cuts in Vereeniging, Newcastle and Amras in Mpumalanga will proceed. ArcelorMittal expects to hear about government assistance later this year.
Verster says the company understands the frustrations of workers and how the company morale may be negatively impacted by the job cuts.