Bad news for this Indian company employees, set to sack 600 people due to…, not Narayana Murthy’s Infosys, Ratan Tata’s TCS, Wipro, Google, name is…

Lakshmi Mittal News: Renowned steel company ArcelorMittal is likely to cut around 600 jobs in France as it faces a serious crisis in the European steel market. According to an AFP report, the layoffs will affect seven of the company’s sites in northern France, where around 7,100 people are employed. It is important to note that ArcelorMittal is the second-largest steel manufacturing company in the world.
The job cuts come as the European steel industry is also under pressure from the new 25 percent tariff imposed by the United States. Due to the ongoing crisis in the industry, ArcelorMittal is proceeding with the job reductions.

ArcelorMittal S.A. is a known multinational company based in Luxembourg, Europe. Indian-origin Lakshmi Mittal and his family hold a 39.87 percent stake in the company and public shareholders hold a 56.20 percent stake. Lakshmi Mittal is the Executive Chairman of the company. ArcelorMittal was formed in 2007 through the USD 33 billion acquisition of Arcelor by Mittal Steel Company.

1,25,416 Employees as of December 31, 2024

It is important to note that ArcelorMittal manufactures steel has its presence in 15 countries and customers in 129 nations. According to the company’s website, it had 1,25,416 employees as of December 31, 2024. The company’s revenue in 2024 was $62.44 billion, and its operating income was recorded at USD 3.310 billion.

Google Plans Another Round of Restructuring

Recently, there was news that Google is planning another round of restructuring. This could affect its offices located in Bengaluru and Hyderabad in India. According to a report by Business Standard, sources say that Google may restructure some engineering talent roles at its Hyderabad and Bengaluru offices. Additionally, instead of laying off some employees right away, the company might assign them to more revenue-generating projects.

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