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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters In Brazil's industrial hub, crisis starts to bite Sun Jan 25, 2009 8:53pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Stuart Grudgings VOLTA REDONDA, Brazil (Reuters) - Rust-colored iron ore trains still rumble through Volta Redonda, but workers in this steel town are feeling the strain as economic crisis slams the brakes on the industries that fueled Brazil's recent boom. Plunging factory output and mounting job losses show that Latin America's biggest economy is being hit hard, only four months after President Luiz Inacio Lula da Silva dismissed the market turmoil as a U.S. problem with the words "what crisis?" In Volta Redonda, a center of Brazilian industry where few people's lives are untouched by dominant steel firm Companhia Siderurgica Nacional (CSN), the announcement last month of 300 job cuts has sent shivers through the community. "This crisis isn't easy for anyone, but why are they firing fathers of families?" said Thiago Amorim da Cunha, a 22-year-old who is one of those laid off by CSN, among Latin America's biggest steelmakers. Another 3,000 workers were put on temporary leave last month by CSN, which has about 8,000 workers at its main plant here about 90 miles northeast of Rio de Janeiro, and the union fears 1,800 more jobs will go this month. The popular Lula, who rose to national prominence as a feisty union leader, says proudly that Brazil created more than 1 million formal jobs last year while millions were lost in the United States and Europe. But the job losses at CSN are part of a growing toll and the severity of the crisis has taken the government by surprise as industries all over Latin America reel from tumbling exports and scarce credit for businesses and consumers alike. With Brazil now shedding jobs for the first time since Lula came to power in 2003, a sharp downturn could threaten his ability to get a hand-picked successor elected in 2010. The economy lost 655,000 jobs in December, the biggest fall in a decade. A 6.2 percent yearly drop in industrial output in November was the worst since 2001, and double-digit plunges in Asian countries' factory output underscore how the crisis has spread from the United States and Europe to most of the world. "DRAMATIC TURN" "Latin America has taken a dramatic turn and what initially was expected to be a mild deceleration is becoming a much more severe one," said Mauricio Cardenas, director of the Latin American Initiative at Washington's Brookings Institute. A study by O Globo newspaper found that Brazilian and foreign firms have so far scrapped or postponed 65 billion reais ($28 billion) in investments in several industries. Last week, General Motors Corp cut 744 jobs at one of its plants in Brazil. Other automakers in Brazil, including Fiat, Ford Motor Co. and Volkswagen AG, have put thousands of workers on leave or cut jobs partly due to weak demand, directly hitting steelmakers like CSN. And mining giant Vale scrapped a multi-billion dollar project to build a mill with Chinese steelmaker Baosteel Group because of slumping global demand. The job losses are spreading to Brazil's huge agriculture sector and other industries, with paper, chemical, pharmaceuticals and plastics companies all announcing layoffs. Continued... View article on single page Share: Del.icio.us Digg Mixx My Web Facebook LinkedIn Next Article: Chinese give Year of the Ox a noisy welcome Also on Reuters Video Video: Thai Scorpion Queen breaks record Full Coverage: Year in Review 2008 Pope becomes one of world's oldest YouTube stars More International News Israel promises troops legal backing over Gaza war | Video Congo warlord stands trial in child soldier case Bicycle bomb kills five in NW Pakistan Ethiopia completes military exit from Somalia Bolivians approve Morales' leftist constitution More International News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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