LUXEMBOURG (

TheStreet

) --

ArcelorMittal

(MT) - Get Report

, the world's largest steelmaker, could trim 10,000 jobs worldwide next year to boost productivity and reduce general expenses by around $500 million, French newspaper

Les Echos

reports, citing trade union representatives.

The move is aimed at regaining lost market share, particularly in Europe, and to ensure that general expenses account for less than 3.5% of revenue, the report said.

ArcelorMittal management, however, didn't detail the number of jobs that would be eliminated.

In an emailed statement to

Reuters

, the company said, "During ArcelorMittal's plenary meeting with its European Works Council last week, company representatives discussed the possibility that the business could expect some global work force reductions next year due mainly to natural attrition and optimization of production."

Several union representatives who attended a European workers committee meeting on Dec. 9-10 told the French newspaper that the company had originally planned to eliminate 9,000 positions in its administrative and commercial functions during 2009, but ended up cutting 36,000 jobs, of which 50% were in Europe.