The Liberia Revenue Authority has again named ArcelorMittal Liberia (AML) as the country’s largest taxpayer for the year 2022.
AML was declared the highest taxpayer overall in 2022, surpassing Orange GSM Company and Monrovia Club Breweries which are among leading contributors to the national tax envelope.
In the face of an ever-changing global iron ore price, this is the third straight year in running that the steel giant has been named the biggest taxpayer in Liberia.
ArcelorMittal Liberia is a subsidiary of ArcelorMittal group, the world’s leading steel and mining company and the leader in all major steel markets, such as construction, domestic appliances, packaging and automotive.
AML was named the overall highest contributor of the year at the Liberia Revenue Authority’s Annual Taxpayers Appreciation Dinner and Awards Night, held at the Ellen Johnson-Sirleaf Ministerial Complex in Monrovia.
Making the announcement, LRA Commissioner General, Thomas Doe Nah, said the presentation of the award was one of the most important aspects of the event.
“I have been asked to announce the awardees for our gold, silver, and bronze categories. These awardees are the big of the biggest,” Nah said.
ArcelorMittal Liberia won gold for the highest amount of money paid to government in taxes, followed by Orange Liberia, silver, and Monrovia Breweries, bronze.
ArcelorMittal’s award was presented by Molewuleh B. Gray, Chairman of the National Investment Commission (NIC), who congratulated the company on securing the top taxpayer spot.
Gray said, “This is not your first time (referring to ArcelorMittal) to be the highest contributor; so the relationship between the private sector and the government is a symbiotic one—meaning we rely on the private sector and the private sector also relies on the government.
“I would just like to congratulate ArcelorMittal on behalf of the National Investment Commission and in my own name for being the highest contributor.”
The NIC Chairman said AML’s contribution was at the apex of all other contributions during the year 2022, and that he was proud of the company.
ArcelorMittal’s Government Relations Manager, Marcus Wleh, received the LRA’s prestigious Highest Taxpayer Award on behalf of the company. In his response, after the many positive statements, Wleh posited that the company was honored to be recognized by the LRA for its contributions to the development of Liberia.
He added, “We don’t see payment of higher taxes as a giving. These things are as the result of an enabling business environment, and we want to thank the National Investment Commission for making it possible for us to do business.”
Since its entry into Liberia’s mining sector, ArcelorMittal Liberia has invested more US$1.7 billion into the economy through mining and logistics operations, and is posed to increasing its investment portfolio to almost US$3 billion when its amended Mineral Development Agreement (MDA) is ratified.
This is a Foreign Direct Investment that has fostered maintained economic growth in Liberia as a means of financing the construction of new infrastructures and the creation of thousands of jobs for Liberian workers.
By its partnership with the government and people of Liberia, AML has repeatedly demonstrated how proud it is of its contributions and the positive impact the efforts have had on the Liberian economy.
Last year, ArcelorMittal and the Government of Liberia (GOL) signed a landmark amendment to the company’s Mineral Development Agreement (MDA) for the securing of additional US$1.2 billion, which paves the way for the expansion ArcelorMittal’s mining and logistics operations in Liberia.
In its new phase, ArcelorMittal Liberia will produce premium iron ore, create lucrative new jobs and widen economic benefits for Liberia.
This is because, as AML’s CEO, Jozephus Coenen, recently said, “The project encompasses processing, rail, and port facilities, and is one of the largest mining projects in West Africa, with a capital investment of over a billion United States dollars.”
CEO Coenen, while donating US$275 thousand to enable the holding of the 2022 National County Sports Meet, emphasized, “With our Phase Two Expansion Project, nearly 3,000 jobs are being created now during the construction phase, with Liberians filling most of these roles.”
Jozephus Coenen was right when he said, “We’ve come a long way as a company and we are proud of our partnership with Liberia, because since the end of the war no foreign business has positively impacted Liberia equal to or more than ArcelorMittal.
“We are proud of the progress accomplished together with the government, and are confident that much more can be achieved. ArcelorMittal is here for the long haul.”
