ArcelorMittal statement regarding Senegal arbitration
11 September 2013 - 5:29PM
In 2007, ArcelorMittal Holdings
AG entered into an agreement with the State of Senegal relating to
an integrated iron ore mining and related infrastructure project.
The project implementation did not follow the originally
anticipated schedule due to a combination of factors, including the
economic environment, but also due to initial phase studies showing
the asset to be less attractive/of a lower quality than originally
envisaged.
In early 2011, the parties engaged in a conciliation procedure, as
provided for under their agreement, in an attempt to reach a
mutually acceptable outcome. Following the unsuccessful completion
of this procedure, in May 2011 the State of Senegal commenced an
arbitration before the Court of Arbitration of the International
Chamber of Commerce.
The arbitral Tribunal has now issued its first
award and decided that Senegal is entitled to terminate the 2007
agreements.
The Tribunal also indicated that a
new arbitration phase will now be held, during which the Tribunal
will decide upon the liability of ArcelorMittal as well as the
amount of any damages which could be awarded to Senegal.
ArcelorMittal will vigorously defend against any claims made for
damages in the second phase of the arbitration.
About
ArcelorMittal
ArcelorMittal is the world's
leading steel and mining company, with a presence in more than 60
countries and an industrial footprint in over 20 countries. Guided
by a philosophy to produce safe, sustainable steel, we are the
leading supplier of quality steel in the major global steel markets
including automotive, construction, household appliances and
packaging, with world-class research and development and
outstanding distribution networks.
Through our core values of
sustainability, quality and leadership, we operate responsibly with
respect to the health, safety and wellbeing of our employees,
contractors and the communities in which we operate.
For us, steel is the fabric of
life, as it is at the heart of the modern world from railways to
cars and washing machines. We are actively researching and
producing steel-based technologies and solutions that make many of
the products and components we use in our everyday lives more
energy-efficient.
We are one of the world's five
largest producers of iron ore and metallurgical coal and our mining
business is an essential part of our growth strategy. With a
geographically diversified portfolio of iron ore and coal
assets, we are strategically positioned to serve
our network of steel plants and the external global market. While
our steel operations are important customers, our supply to the
external market is increasing as we grow.
In 2012, ArcelorMittal had
revenues of $84.2 billion and crude steel production of 88.2
million tonnes, while iron ore production reached 55.9 million
tonnes.
ArcelorMittal is listed on the
stock exchanges of New York (MT), Amsterdam (MT), Paris (MT),
Luxembourg (MT) and on the Spanish stock exchanges of Barcelona,
Bilbao, Madrid and Valencia (MTS).
For more information about
ArcelorMittal please visit: www.arcelormittal.com.
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Contact information ArcelorMittal
Investor Relations |
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Europe |
+ 352 4792 3198 |
Americas |
+1 312 899 3985 |
Retail |
+ 44 203 214 2417 |
SRI |
+ 44 203 214 2854 |
Bonds/Credit |
+ 33 171 92 10 26 |
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Contact information ArcelorMittal
Corporate Communications |
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E-mail: |
press@arcelormittal.com |
Phone: |
+352 4792 5000 |
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ArcelorMittal Corporate
Communications |
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Tobin Postma (Acting head of media relations) |
+ 44 20 3214 2412 |
Laura Nutt |
+44 20 7543 1125 |
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United Kingdom |
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Maitland Consultancy: |
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Martin Leeburn |
+ 44 20 7379 5151 |
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France |
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Image 7 |
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Sylvie Dumaine / Anne-Charlotte Creach |
+ 33 1 5370 7470 |
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information contained therein.
Source: ArcelorMittal S.A. via Thomson Reuters ONE
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