ArcelorMittal to lower iron ore exports from Liberia

Published: Nov 19, 2015 08:51

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ArcelorMittal Liberia will cut as many as 450 jobs. The company has also decided to reduce the iron ore exports out of the country.

By Paul Ploumis (ScrapMonster Author)

November 18, 2015 01:01:06 PM

ArcelorMittal Liberia will cut as many as 450 jobs. The company has also decided to reduce the iron ore exports out of the country.ArcelorMittal to lower iron ore exports from Liberia

EDGWARE (Scrap Monster): ArcelorMittal Liberia has decided to cut around 450 jobs in the West African nation of Liberia. Further, iron ore exports from the country will be lowered. The decision regarding job cuts has already been informed to the union leaders, the company noted. The move is considered to be part of the company’s cost cutting measures.

In an email statement, Michel Prive, CEO, ArcelorMittal Liberia noted that the company is finding it extremely difficult to maintain current level of employment and has decided to slash almost 450 jobs. In addition, the company has also decided to operate only during the dry season from 2016 onwards. The company had operated during both the wet and dry seasons before, shipping around 5 million tonnes of direct shipping ore per annum to European markets and China. However, from 2016, the company plans to reduce the shipment to 3 million tonnes per annum. Also, exports will be limited to European markets, it noted.

ArcelorMittal owns the Tokadeh Mountain mine in the West African country, which is considered to be massive heap of high quality iron ore, situated near the town of Yekepa. The tested ore is transported by rail to Buchanan, from where it is shipped out of Liberia.

The company had initial plans to expand its Liberian operation by raising the annual ore production to around 15 million tonnes by end-2015. However, with the outbreak of deadly Ebola epidemic in 2014, contractors working on expansion projects had declared force majeure.

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in nineteen countries. It was formed in 2006from the takeover and merger of Western European steel maker Arcelor by India-based Mittal Steel. The company is headquartered in Luxembourg.

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