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Vol 2 (AAC) No 9

Published 1st July 2009

Mittal's meltdown

Hobbled by the global business downturn and billions of dollars in debt, Mittal's plans to turn West Africa into its iron-ore hub are on hold

The world's biggest steelmaker, ArcelorMittal, is cutting back sharply on its operations in West Africa, which were part of a plan to provide about two-thirds of the company's iron ore. Despite bullish statements by the company's chairman, Lakshmi Mittal, that the worst of the global recession is over, analysts predict that the company's earnings this year will fall to US$6.7 billion from $24.5 bn. in 2008.

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