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2 Oct 2006

Global Witness

Mittal Steel’s US$900 million deal in Liberia is inequitable, says new Global Witness report

A $900 million mining deal between the world's largest steel company, Mittal Steel [now part of Arcelor Mittal], and the Government of Liberia is heavily weighted against the interests of [Liberia]...and it should be substantially re-negotiated, according to...a new report...released by Global Witness today... The stabilisation clause freezes the laws in the concession area, and has the potential to undermine Liberia’s right to regulate in important public policy areas such as human rights, the environment and taxation... The provisions for...a security force by the Concessionaire fail to adequately establish the limits of its authority, which could be particularly harmful in Liberia...