AcelorMittal Temirtau cuts salaries

The ArcelorMittal Temirtau company is currently facing unprecedented market conditions, so the company has informed about its intention to reduce the salaries of all employees by approximately 25% from August 1. 

"The consultation with the company's trade union partners will start immediately. The management of the company has met personally with the Government of Kazakhstan to explain the reasons for the company's intentions," the press-service of the ArcelorMittal Temirtau said.

"It gives me no pleasure to announce this news. It is important that all our stakeholders, and most importantly our loyal and valued employees, know two things. First, that action to reduce the cost base is absolutely necessary if this company is to have a sustainable future. And secondly, that we believe potentially asking everyone to make a sacrifice is preferable to making large numbers of redundancies," Chief Executive Officer Vijay Mahadevan said.