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ArcelorMittal, BHP Billiton End Discussions to Combine Assets in Liberia and Guinea
09/09/2010 - ArcelorMittal and BHP Billiton jointly announced that they have ended preliminary discussions to combine their iron ore mining and infrastructure interests in Liberia and Guinea into a single joint venture. The companies were unable to reach a commercial agreement.
ArcelorMittal and BHP Billiton jointly announced that they have ended preliminary discussions to combine their iron ore mining and infrastructure interests in Liberia and Guinea into a single joint venture. The companies were unable to reach a commercial agreement.
ArcelorMittal will continue to develop its operations and iron ore interests in Liberia independently. The first phase of the project is under construction with Direct Shipping Ore production expected in the second half of 2011.
BHP Billiton says it will also continue to advance its iron ore interests in West Africa independently and work closely with governments and their communities.
ArcelorMittal is the world's leading steel company, with operations in more than 60 countries and an industrial presence in more than 20 countries. It is the leader in all major global steel 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. In 2009, ArcelorMittal had revenues of $65.1 billion and crude steel production of 73.2 million tonnes, representing approximately 8% of world steel output.
BHP Billiton is a global leader in the resources industry. It was formed from a merger between BHP and Billiton.
