ArcelorMittal plans to lay off 450 people from iron ore project in Liberia

The world's largest steel company, ArcelorMittal, is preparing to lay off 450 workers in Liberia to cut costs amid low raw material prices. According to the press secretary of the Liberian office of the company Baker Pearson, the administration of the company has begun negotiations with trade unions in order to carry out the cuts before the end of this year.

“Our actions are driven by the continuing drop in iron ore prices,” the spokesman explained.

Liberian Finance Minister Amara Konneh told reporters that the company that owns the Takadesh Gora mine on the border with Guinea is "going through difficult times."

ArcelorMittal cut its 2015 profit forecast by a third (over $ 1 billion) in November and suspended dividend payments.

According to Metal Bulletin, ore with a content of 62 percent iron in the Chinese port of Qingdao fell another 2 percent on Thursday to $ 45.44 per dry tonne. Chinese companies, which collectively consume more than half of all ore mined in the world, began to reduce purchases due to the decline in steel production in the country.