) 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. (
), Olympic Steel Inc. (
), and ThyssenKrupp AG (
). While Grupo Simec sports a Zacks Rank #1 (Strong Buy), Olympic
Steel and ThyssenKrupp carry a Zacks Rank #2 (Buy).
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