Dofasco owner cuts losses

(Updated)

ArcelorMittal has announced a worldwide loss this year of $2.5 billion. But here in Hamilton employees at the company’s Dofasco plant are smiling.

That’s because their division, which includes five other plants, turned a billion dollar profit — $150 million more than last year — and they each get a share.

Despite the losses at head office the company says it’s optimistic about the upcoming year. It expects shipments of steel and iron ore to rise in 2014.

The Dofasco plant expects to hire 1,500 people over the next five years to replace retiring workers.