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.
Consistent with President Boakai’s vision of empowering Liberian youth with essential technical and operational skills, 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 hundreds, 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.
Speaking during the meeting, President Boakai recognized ArcelorMittal’s commitment to Liberia and its people.
According to the President, the Government of Liberia looks 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.
The Liberian leader stated that, “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, ArcelorMittal Executive Chairman, Lakshmi Mittal said since the company entered Liberia in 2005, it has always sought to be a dedicated, valued and trusted partner to Liberia and its people.
Mittal expressed his pleasure in meeting President Boakai and added that the company looks forward to working with the Boakai Administration to deepen partnership.
