ArcelorMittal has laid off 480 workers with immediate effect.
Word first broke via a news release from the Steel Workers Union, which stated, "In correspondence to all it workers ArcelorMital lays off all employees with immediate effect, in the first instance from December 7th to January 15th 2016. (Only a few workers are to remain on the plant for maintenance purposes.)"
However the Company is saying that it unsuccessfully attempted to reach agreement with the union. It says because of the global market, it had no other choice but to make this decision.