Steel tycoon Mittal says no job cuts in French unit

NEW DELHI: Lakshmi Mittal, chief executive of steel giant ArcelorMittal, said Friday that there would be no job losses due to its plans to shut down a plant in France, a report said.

ArcelorMittal, the world's largest steelmaker, had this month announced plans to close its plant in Gandrange in eastern France, which would lead to an estimated 600 job cuts.

French President Nicolas Sarkozy, currently in India for a two-day state visit, had asked to meet Mittal this week.

"I have briefed Sarkozy about the plant. It is a normal process of restructuring," Mittal was quoted as saying by the Press Trust of India (PTI) news agency.

"Out of 600 employees, 450 are to be offered new jobs with better salary and 150 are retiring. This is for the benefit of the plant," Mittal said in New Delhi, PTI reported.

The company had previously said it would relocate its employees to other sites in France and Luxembourg.