— As Pres. Joseph Boakai and ArcelorMittal’s Executive Chairman, Lakshmi Mittal Engage in High-level meeting in Monrovia, Liberia
IPNEWS: ArcelorMittal Global through its Executive Chairman, Lakshmi Mittal has committed US$1.4 billion to the Government of Liberia in new investment towards building an iron ore concentrator to produce high-grade iron ore, increasing production to 15 million tons per annum.
The pledge was made at a high level meeting with Liberia’s President Joseph N. Boakai on Monday, April 8, 2024 at the Executive Mansion in Monrovia.
With the new amount, the company’s total investments in the country will exceed US$3.0 billion to include a substantial investment in the Yekepa-Buchanan rail infrastructure. The first phase of the expansion is due for completion in late 2024.
The meeting underscored the strong ties and collaborative spirit that have characterized the relationship between Liberia and ArcelorMittal since 2005 when the company first entered the country.
ArcelorMittal’s initial 5 million tons per annum operation reopened Liberia’s mining industry, shipping first ore to customers in 2011.
Earlier, President Joseph Nyuma Boakai received in audience at the Executive Mansion today Mr. Lakshmi Mittal, the Executive Chairman of ArcelorMittal, the second largest steelmaker in the world. The meeting is the first between Mr. Mittal and President Boakai since the inauguration. The two engaged in high-level discussions concerning ArcelorMittal’s operations in Liberia and President Boakai’s Agriculture, Roads, Rule of Law, Education, Sanitation and Tourism (ARREST) Agenda for the sustainable development of Liberia.
The meeting underscored the strong ties and collaborative spirit that have characterized the relationship between Liberia and ArcelorMittal since 2005 when the company first entered the country after the civil war.
Consistent with President Boakai’s vision of empowering Liberian youth with essential technical and operational skills, at today’s meeting ArcelorMittal reaffirmed its dedication to additional investment in its Vocational and Technical Center (VTC), as well as support to other Technical Vocational Education and Training (TVET) institutes in Liberia. By 2025, ArcelorMittal’s VTC will have 200 skilled youths in their program in addition to the 100 who have already graduated, The collaboration with other technical vocational training centers around the country will help to enrich Liberia’s talent pool and drive socioeconomic advancement in the country. The company will also continue to provide scholarships for Liberian students pursuing higher education abroad, thereby nurturing the next generation of leaders.
As an integral component of Liberia’s socio-economic development, the Government is steadfast in its efforts to combat the trafficking and consumption of illicit drugs. ArcelorMittal is aligned with this mission and pledges support by investing in community programs and initiatives aimed at raising awareness among local communities about the risks associated with harmful substance use, safeguarding livelihoods and the wellbeing of Liberians.
ArcelorMittal remains the biggest investor and contributor of direct and indirect taxes in Liberia. The company will continue to create economic opportunities for Liberians by creating jobs, supporting local businesses, developing hospitals and schools, and participating in the refurbishment of critical road infrastructure such as the Ganta-Yekepa Highway, which is a vital economic link in the regional road network connecting neighboring countries Guinea and Cote d’Ivoire.
President Boakai: ‘The Government of Liberia recognizes ArcelorMittal’s commitment to Liberia and its people. We look forward to continue working with ArcelorMittal as a trusted partner, to diversify its support to Liberia’s transformation, and ensure that Liberians benefit from the investments being made in the country. We are prioritizing the conclusion of the Third Amendment to the MDA, so that this trajectory of growth and the strengthened partnership with ArcelorMittal will continue for many years to come.’
For his part, Mr. Lakshmi Mittal added: “Since we entered Liberia in 2005 we have always sought to be a dedicated, valued, and trusted partner to Liberia and its people. It was a pleasure to meet with H.E President Boakai today and we look forward to working with him and his administration to deepen this partnership. Our project to significantly expand our presence in the country is on track to come on stream later this year. It is an important project for our company, one that will cement our presence in Liberia for many years and make a significant contribution to the country’s economic growth and sustainable development.”
