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Four Easy Ways to Jump-Start Your Ailing 401(k)

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(By Christine Benz, Morningstar)- Remember the late, great 1990s, when keeping watch over your 401(k) was actually fun? Never mind that the market, and technology stocks in particular, were ridiculously overvalued. For a brief, shining moment, even lousy funds and poor 401(k) plans were posting mind-boggling gains guaranteed to bring a smile to your face.

A three-year bear market that ended in early 2003, followed by 2008, the worst bear market since the Great Depression, has sobered most people up. Greed has turned to fear. Retirees have had to go back to work and pre-retirees are coming to grips with the notion that the traditional retirement age of 65 is a relic of a bygone era.

In talking to individuals in their 30s, 40s, and 50s, I'm hearing a lot of statements like, "I know I have time, so I'm not worried." and, "I'm just not looking at my statements." That's generally encouraging. After all, being able to tune out the noise is one of the keys to successful investing. And we're so far into this bear market that one of the worst things those with long time horizons can do is to panic and shift everything into cash. Not only would you miss the rebound in stocks, but you'd also be left wondering when is the right time to get back in.

It's possible to strike a balance between checking your 401(k) account every morning (and tempting yourself to make inopportunely timed changes) and complete and utter portfolio neglect. The following steps should get you on your way. Read More

Showing posts with label ArcelorMittal. Show all posts
Showing posts with label ArcelorMittal. Show all posts
4:23 AM 0 comments

ArcelorMittal Moves Quickly To Reduce About 9,000 Employees As Steel Demand Drops


Production Sites Of ArcelorMittal

New York, NY - ArcelorMittal (NYSE: MT) is today meeting with its European Works Council to present voluntary separation programs to be launched across the group.

This is to help achieve the company’s stated aim of reducing SG&A (Selling, General and Administrative) expenditure by $1 billion in response to the current economic situation.

The focus is primarily on non-production employees, in particular those in SG&A functions across the globe. These programs may involve up to 9,000 employees, approximately 3% of the total global work force. ArcelorMittal is the world's leading steel company, with over 326,000 employees in more than 60 countries.

The processes will be run in close collaboration with stakeholders and in accordance with the appropriate social considerations of the respective countries involved.

“This has been a very difficult decision for the company to take as all of our employees are extremely important to us. Sadly however the global economic reality means that it is only sensible to adopt such measures," Bernard Fontana, executive vice president and member of ArcelorMittal’s management committee with responsibility for human resources, said in a statement.

"Our priority is now to meet with all our stakeholders to explain the reasons for this decision and to reassure them that the process will be carried out in accordance with all social considerations. We are very grateful for the professionalism and dedication of our employees, all of whom have played an important role in building ArcelorMittal."

In 2007, ArcelorMittal had revenues of $105.2 billion and crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.

Click Here for Press Release.

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