ArcelorMitta Bows!!
-Apologizes to Lawmakers
By Fiona Benson
The management of ArcelorMittal-Liberia (AML), has formally apologized to the Houses’ Joint Committee on Concessions for its initial failure to honor the scheduled appearance.
The company’s failure to appear that body prompted members of the committee to impose ‘contempt charges’ on its management.
In response to the contempt charges on Tuesday, July 8, 2025, the management apologized, saying: “Our failure to appear and answer to the contempt charge was not intentional, but was due to some level of misinformation concerning the scheduled date, which caused us not to be present.”
Meanwhile, members of the Committee accepted the apology, and granted pardon to AML management; allowing the proceedings to continue.
Following the company’s apologies, the Houses’ Joint Committee on Compliance and Concessions Review, adjourned its hearing with AML dated for July 8, 2025, due to the company’s failure, this time, to provide key documents and clarify issues surrounding the country’s equity stake, which includes clarity over the 30 percent share reduction.
Members of the Committee comprising, Investment Concessions, Mines and Energy, Natural Resources and Environment, and Labor,
expressed serious concern over AML’s inability to justify why the country’s equity share in the company was reduced from 30 percent to 15 percent.
This ‘unexplained reduction’ the lawmakers insist that it was a matter of national interest, requiring immediate clarification.
Furthermore, the Committee rejected AML’s submission of “financial gains report,” noting that the company failed to present a duly ‘audited financial statement.’
The Committee further emphasized that the document provided did not meet the standard of a financial report, and therefore, called for full compliance going forward. In light of these deficiencies, the Committee adjourned the hearing to be rescheduled for Tuesday, July 15, 2025, and instructed AML to return with the critical documents, including audited financial statements; board resolution authorizing the reduction of the county’s equity from 30 percent to 15 percent; list of corporate social responsibility (CSR) initiatives undertaken by AML; copy of the contract between the University of Liberia and AML, and the current company organogram. The hearing was presided over by the Chairman Foday E. Fahnbulleh, and co-presided by Jeremiah Sokan.
The Committee reiterated its commitment to ensuring that all concession agreements operate in full compliance with national laws and contribute meaningfully to the country’s development.