The pain among energy and mining producers is growing more acute as prices of global commodities continued their collapse on Tuesday.The newest victim is the London-based mining firm Anglo American. On Tuesday, the company announced a drastic restructuring, which includes expanding job cuts, suspending its dividend, reducing its business unit and cutting its assets.
Anglo American is far from alone, as scores of oil, natural gas, and mining companies are feeling the pain from low prices. A number of commodity-related businesses have either declared bankruptcy or fallen behind in their debt payments. Even more frequent have been layoffs — more than 250,000 workers in the oil and gas industry worldwide, with more than a third coming in the United States.
Chosen excerpts by Job Market Monitor. Read the whole story at Anglo American to Cut 85,000 Jobs Amid Commodity Slump – The New York Times