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Article: Mittal wrapping up Africa? As the pace of Asian investment in African raw materials begins to pick up, India's Arcelor Mittal, the world's largest steel producer, has announced new investment in West African iron ore mining. What are the implications for Africa? Report by Neil Ford.(INVESTMENT)
- Article from:
- African Business
- Article date:
- March 1, 2008
- Author:
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Although headquartered in Luxembourg and headed by London-based Lakshmi Mittal, Arcelor Mittal is regarded as one of the new wave of Indian companies that are making a huge splash in their respective sectors in Africa.
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Investment in Liberia was already expected but has now been increased and the mining conglomerate has signed a deal to develop the El Agareb iron ore deposit in Mauritania.
In February 2007, Arcelor Mittal announced a $2.2bn investment in Senegalese iron ore and company representatives indicated that they hoped to develop a mining hub in West Africa.
International steel prices are high and show no ...