GFG Alliance will cut jobs following a drop in demand for steel due to the pandemic which has had a significant, lasting impact on the economies of the countries in which it operates, it said on Thursday June 11.
The company announced the headcount reduction alongside an "accelerated investment program" and is implementing a global efficiency drive to help adjust to a new post-pandemic market environment targeting up to 30% overall efficiency gains.The company said the Covid-19 pandemic has resulted in demand from steel consuming sectors in certain regions dropping by 20-40%, an impact which is likely to continue for 12-18 months and compounds an already challenging market. It added the market for aluminium globally has been affected too,...