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ArcelorMittal Pledges Continued Investment in Republic of Mozambique
11/21/2007 - ArcelorMittal signs Memorandum of Cooperation with the Republic of Mozambique that is to help stimulate economic growth and further the development of the steel industry and mining sector for the region through investments and the future construction of a new bar mill facility.
ArcelorMittal has signed a Memorandum of Cooperation with the Republic of Mozambique that is to help stimulate economic growth and further the development of the steel industry and mining sector for the region.
The Memorandum aims to strengthen cooperation between the parties through the development of synergies and further investment in the primary and downstream steel industries, as well as the mining of raw materials, particularly iron ore and metallurgical coal. Downstream, ArcelorMittal also plans to build a new bar rolling mill with a yearly capacity of 400,000 tonnes.
“We are delighted to have signed this Memorandum with Mozambique,” said Mr. Malay Mukherjee, Member of the Group Management Board, Responsible for Asia and Africa, Mining, Stainless, at ArcelorMittal. “We believe that with the support of the Government, we can develop strong steel and mining sectors in Mozambique.
“This is not only an important step in our strategy of developing Southern Africa as an important and competitive hub in the regional and international market; it also has the potential to become a major contributor to the economy of Mozambique.” Mukherjee added, “We are confident Mozambique will prove to be a strategic location to extend our existing footprint into Africa.”
Representing Mozambique's Ministry of Industry and Commerce, Sérgio Macamo, National Director of Industry, commented, “We are very pleased to have signed this memorandum with ArcelorMittal. ArcelorMittal has established a reputable record as a responsible investor in various business ventures all over the world that contribute in a profound way through financial and social investments. In so doing they are rightly seen as a model for the responsible development of the steel industry globally, and we are pleased to give our full support to their development plans and investment in Mozambique.”
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key pro forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.
