ArcelorMittal preparing for massive job cuts in Europe

ArcelorMittal, the world's largest steelmaker is preparing plans for thousands of job cuts in Europe due to the continuing economic turbulence in world's second-richest continent.

The Luxembourg-based steelmakers yesterday said that it is planning to "optimise its support services" at its European flat carbon steel division, which unions have said world lead to thousands job losses.

At the company's European work's council meeting held this week in Luxembourg, ArcelorMittal's Flat Carbon Europe division gave a presentation on guiding objectives on future organisation in regards to support services, which includes administration, human resources, technology and purchasing, according to report from AFP news agency.

"To face economic difficulties in Europe, the Flat Carbon Europe division considers it vital to improve and insure competitively of its activity at all levels," ArcelorMittal said in a written statement to AFP.

Edouard Martin, of the French CFDT union told the news agency that the entire exercise is a "hidden layoff plan" which will lead to thousands of job cuts in Europe.

The CFE-CGC union of France envisages between 3,000 and 5,000 jobs could be cut from the 10,000 support jobs mainly in Belgium, France, Germany, Spain, Poland, and Romania.