Editorial: ArcelorMittal In The Context Of 2003: Taking Stock Of A True Investment Partner

AS ARCELORMITTAL LIBERIA advances into Phase II of its operations and as the process to ratify its amended $800 million Mineral Development Agreement (MDA) with Liberia continues, it is important that proper stock is taken, lest the contributions of this true partner to Liberia are forgotten.

ONLY ABOUT TWO decades ago, remnants of a once booming iron ore mining sector were in ruins…destroyed and looted railway and derelict port infrastructures, dilapidated housing units, and damaged power installations were among non-functional facilities that ArcelorMittal inherited. But fast forward to a little over a decade, key infrastructures like the rail and port have been restored and several improvements achieved in areas like housing, healthcare and schools.

LIBERIA LOST ALL during the 14-year civil war period, but AML has already invested $1.7 billion, of which approximately $500 million has been spent for rehabilitation of the rail and port facilities to get them fully operational.  ArcelorMittal plans to further invest an additional $800 million for completion of an expansion of which $250–$300 million is to upgrade these infrastructures.

GOING BEYOND ITS legal obligations, ArcelorMittal has provided US$40 million for the reconstruction and pavement of the Ganta-Yekepa Highway—a stretch of road that has been in a deplorable state, especially during the rainy season. The road is currently being paved with asphalt with the construction of several huge bridges over streams and creeks, a condition that created impediments to commuters and communities along the road.

IN RECENT TIMES, some politicians and citizens have accused AML of “doing nothing” to impact communities within which it operates, calling on the National Legislature not to ratify the $800 million extended agreement put forward. But this is contrary to the impact ArcelorMittal has had on the economy and people of Liberia since 2003.