ArcelorMittal was founded by an Indian named Lakshmi Mittal in 2006. He has succeeded in getting his way in less sophisticated African government politicians.
Like those in Liberia who do not understand the dynamics of national and international business. Lakshmi Mittal is the company’s lifetime CEO and Chairman of the Board. The company is involved in research and development, mining, and steel in 76 countries around the world.
The company produces around 60 million tons of steel and its headquarters is in Luxembourg City, Europe. The company has 209,000 employees across 60 countries.
ArcelorMittal is determined to invade and plunder the entire mining sector in Liberia and make himself and his two children rich and richer while Liberians remain poor and poorer. Know that the company’s total net worth is around 19.7 billion dollars in 2022.
The owner Lakshmin Mittal is worth 19.65 million. The owner just bought a house in the heart of London for 57 million dollars. His son Aditya Mittal is worth 9 million dollars and his daughter Venisha Mittal is worth 16.5 billion while they gave the Liberian government a couple of chickens’ change and kept Liberians in those sectors very poor and poor.
The company’s net worth in 2022 is 19.7 billion, its revenue intake is 53.27 billion. Lakshmi Mittal is worth 19.65 billion while very serious greedy Liberian politicians are chasing chicken change and peanuts from ArcelorMittal-Liberia for loyalty and agreement fees-What a shame when a government is not sophisticated and armed with men/women who have critical thoughts in governmental management, others like ArcelorMittal invades the feeble intelligence of such government, this is the case with ArcelorMittal and the weak government of President Weah and his greedy Lawmakers.
ArcelorMittal is very notorious for exploiting feeble governments around the world especially in Africa, where the company uses violent cash to buy politicians and make enormous profits on the back of weak governments. A source has revealed that the owner of the company Lakshmi Mittal Company applied to six West African countries (Ghana (2004); Ivory Coast (2003); Guinea (2002), Sierra Leone (2001), Nigeria (2004); Benin (2000) and Liberia (2005)) to carry out business feasibility studies or business prospect, but five of the African government turned down the company’s invitation because of its well-known manipulative and exploitative scheme dangerous business practices.
The Liberian government under the then President Ellen Sirleaf signed a Mineral Development Agreement with ArcelorMittal thus enabling it to initiate an iron ore mining project in the country.
The source revealed that the company did sign a 9-million agreement with the then UP-led government. ArcelorMittal as an exploitative company did not pay the Liberian government off-front. They proceeded to make their first offshore shipment in September 2011 and earmarked a total of 12.9 million dollars and took the Liberian government 9 million out of said money and paid the Liberian government its 9million dollars and pocketed the remaining 3.9 million dollars. This is how dangerous ArcelorMittal operates when dealing with a weak government. They took the Liberian government’s iron ore, sold it, and paid the same Liberian government back out of the Liberian government’s iron ore sold to pay them.
The then President Sirleaf was tricked into ArcelorMittal steel by dubious business techniques. The company understands how business works. The then Sirleaf government should have first put a halt to the mining until ArcelorMittal made full payment of the 9 million, but instead used the government iron ore to sell it and pay the government the 9 million dollars owed. This is while ArcelorMittal understands how business works when dealing with a very weak government.
ArcelorMittal did not take a dime from their reserve. They simply use Liberian government iron ore and pay the government back from the government’s commodity.
Today, the business between ArcelorMittal and the CDC-led government is even worse than it was under the then President Sirleaf. President Weah doesn’t understand how international business works. As a matter of fact, according to inside sources, ArcelorMittal earned a total of 6.8 million every month from each off-shore shipment to Europe. But because President Weah and his government are too eager to receive 800 million dollars from ArcelorMittal they are blind to a whole host of other developments going in ArcelorMittal-Liberia.
ArcelorMittal earned 6.8million dollars on each of its monthly shipments from Liberia. If ArcelorMittal shipped for 6 months the company would net 40. 8 million dollars. If the company shipped for 1 calendar year she yields 81.16 million dollars at the expense of the CDC-led government. Because President Weah and his wise men do not know how business works, ArcelorMittal steel is making triple profits at the back of the Liberian government and giving the government just a chicken change.
Additionally, if the company will give 55million to the Liberian government within19 months which is one year and 7 months, does President Weah know that within the same 19 months ArcelorMittal would make a net profit of 109.2 million within 1-year 7-months? When the company subtracts the Liberian government 55 million agreement proceeds from its overall 109.2 million dollars, ArcelorMittal will take home 54.2million dollars free cash.
This doesn’t include what the company is gaining from the extra gold and diamond being exported as raw materials when exporting the raw iron ore. The 54.2 million is direct proceeds from the iron ore shipment. This is how the company is pushing President Weah and his government around because the government just doesn’t know or understand how business works.
What President Weah doesn’t understand and doesn’t also know is that ArcelorMittal is secretly exporting extra gold and extra diamonds that are discovered from the mines and exporting them under pretense as raw materials within the iron ore. The Liberian mine’s inspectors, as well as the government of Liberia agents, are very ignorant to those dubious business practices being undertaken by ArcelorMittal. This is a clear indication that ArcelorMittal understands how business works. The company is invading President Weah and his entire government’s political intelligence and business understanding.https://thenewdawnliberia.com/nimbaians-resolved-on-arcelormittal/
Editor’s Note: The views expressed in this article are that of the writer and not of the paper. The writer takes responsibility for his views and opinions.
Source: All Africas
