Steel company announces layoffs

The largest Czech steelmaker ArcelorMittal Ostrava has announced that due to reduced demand, the company is preparing to initiate a series of layoffs. The company did not reveal any figures. ArcelorMittal Ostrava employs around 10,300 people across the Czech Republic, with more than 7000 employed in the city of Ostrava. The company has blamed the global economic downturn for the layoffs.