ArcelorMittal announces $4 bn cost saving plan

ArcelorMittal, the world's largest steel producer, today said it will save about $4 billion over a period of five years by employing a "management gains" plan.     

The plan is aimed at increasing employee productivity, reducing energy consumption and decreasing input costs to achieve a higher yield and improved product quality, it said in a statement.     

"We have improved our cost leadership due to our successful integration, our 2008 value plan and realisation of merger synergies. In order to further enhance this cost leadership, we have now targeted a further $4 billion of management gains to be realised over the next five years," company's CFO Aditya Mittal said in the statement.     

ArcelorMittal is today holding an investor day in London.     

By the end of last fiscal, ArcelorMittal had revenues of $105.2 billion and crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.