Word: arcelor
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...force and an embargo on arms are keeping conflict at bay. Schools and hospitals have reopened. Tax receipts are up. Bureaucracy is down. U.N. sanctions on diamond and timber exports have been lifted. Liberia is attracting foreign investment in iron ore, timber, palm oil and construction. Though steel giant Arcelor Mittal recently mothballed a $1.5 billion project to reopen an iron-ore mine and rebuild a railway in the eastern interior, Liberia has signed a deal with Sime Darby of Malaysia for an $800 million, 20-year concession to a 494,000-acre (200,000 hectare) combined palm...
...Drag of Corruption Most damaging to the president, political scandals are piling up. A hundred cars given to Liberia by Arcelor Mittal in 2008 and intended to improve logistics for government officials found their way into the hands of legislators responsible for approving mining deals. Last year, according to witnesses, a senior Liberian official greeted a delegation of foreign funders at his office apparently drunk and demanded one delegate sit properly or "get your ass out of here." The same month Johnson Sirleaf admitted she was "hurt ... deeply wounded" by the "very embarrassing" publication of e-mails from her former...
...from the National Guard, as some residents suggested. Coatesville was once a thriving steel town, before the Lukens Steel Co. was bought by Bethlehem Steel in 1997. Bethlehem went bankrupt in 2003, taking with it the pensions of many Coatesville residents. The local steel facility is now run by Arcelor Mittal and employs only a fraction of the total staff Lukens had at its height...
Indeed, if history is any guide, Indian companies take rebuttal as a challenge. When British-based Indian-born businessman Lakshmi Mittal first bid for French steel maker Arcelor last year, the company's French CEO said he was horrified by the idea of an Indian taking over, likening Mittal Steel to eau de Cologne and Arcelor to perfume. Within months, Mittal had won out. A century earlier, when Tata founder Jamsetji Tata suggested making steel for the colonial railway system, a British administrator dismissed the idea with barely concealed contempt. Earlier this year, Tata paid almost $14 billion...
...Mittal proved a smarter tactician than his opponents. Because a formal takeover document needed to be acceptable to regulators in five different countries, it took four months to put the paperwork together. That allowed Arcelor time to rally shareholders in its defense. But then Dollé made an egregious error: he arranged for a Russian oligarch, Alexei Mordashov, to take a 30%-plus stake in Arcelor. "The day we received that news, we felt it was over for us," Mittal recalls. "The whole team was disappointed and somber." But when they looked at the Russian deal more closely, Mittal...