ArcelorMittal announced the plan Thursday as part of a $1 billion cost reduction effort.

The move isn't a result off any immediate crisis.

Thursday also saw fourth quarter core profit almost double to $1.73 billion.

ArcelorMittal says it's seen little impact from a second wave of lockdowns as a result off the global health crisis.

It says end user demand is recovering and customers are rebuilding stockpiles.

Now a new boss will steer the cost cutting, the group says.

Finance chief Aditya Mittal is taking the helm.

He takes over from his father and company founder Laxmi Mittal.

Besides job cuts, the cost reduction measures will also see moves to boost productivity on reduced the number off contractors.