ArcelorMittal (MT) Provides Update on Liberia Operations - Analyst Blog

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Steel giant ArcelorMittal ( MT ) has provided a statement on its operations in Liberia. The company stated that it currently mines and ships 5 million tons of iron ore a year in Liberia from its operations in Yekepa and Buchanan which are in Phase 1 of their operations.

ArcelorMittal is working on an expansion project known as Phase 2 that will facilitate an increment in shipments to 15 million tons of iron ore. The first production is planned by the end of 2015.

Due to the outbreak of the Ebola virus in West Africa, force majeure has been declared by the workers of the phase 2 expansion project. The company is also taking preventive measures in order to protect its employees and operations. The company had provided thermoflash scanners to test for fever in all employees and visitors across all ArcelorMittal Liberia locations. The company has also distributed 500 full sets of personal protective equipment (PPE) to ArcelorMittal Liberia hospitals and other hospitals and clinics in Nimba, Buchanan and Monrovia.

ArcelorMittal is also taking measures to educate its employees about the epidemic by provided training to healthcare workers and employees and through awareness sessions conducted by a leading Ebola prevention and control expert. The company has hired an infectious disease nurse who serves as ArcelorMittal Liberia's in-house expert and is working closely with the ArcelorMittal hospital teams. The company is also in regular contact with ISOS and Liberia's Ministry of Health.

ArcelorMittal remains committed to re-start its Phase 2 operations at the earliest while Phase 1 operations continue as normal and have not been affected by the situation in Liberia.

ArcelorMittal currently has a Zacks Rank #4 (Sell).

Other companies in the steel industry with favorable Zacks Rank include Grupo Simec S.A.B. de C.V. ( SIM ), Olympic Steel Inc. ( ZEUS ), and ThyssenKrupp AG ( TYEKF ). While Grupo Simec sports a Zacks Rank #1 (Strong Buy), Olympic Steel and ThyssenKrupp carry a Zacks Rank #2 (Buy).


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: MT , SIM , ZEUS , TYEKF

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