Anglo American, parent company of Tarmac, will try to save $2bn by cutting 19,000 jobs and scrapping a dividend.
10,000 of the jobs losses are in South Africa, but the company hasn’t said where the other 9,000 will come from. The group’s pre-tax profit fell by 2.8 per cent to $8.6bn for the year ended December 31.
Anglo American warned of a sharp fall in demand in the second half from the accelerating global industrial downturn.
Operating profit at the group’s UK industrial minerals’ business, Tarmac, fell 52% to $228m, as demand for sand and gravel suffered from the slump in the UK housing market.