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Vol 46 No 17

Published 26th August 2005


Stuck in the Mittal

A race between two brothers for a mammoth ore contract stirs political interest

The world's largest steel producer, Indian-owned Mittal Steel, claims it has won the concession to develop Liberia's iron ore mines in return for an investment package of US$900 million. In negotiations plagued by political controversy and lawsuits, Mittal Steel, run by London-based Lakshmi Mittal, beat several rivals to the deal - including Global Infrastructure Holdings Limited, which is run by Lakshmi's younger brother Pramod Mittal - as well as Rio Tinto, BHP Billiton and the Shandong International Trading group.

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