The much anticipated Ganta-Yekepa road construction agreement has been signed between steel and mining company ArcelorMittal-Liberia and the Liberian government.
The signing signifies the official start of the road construction process. The signing ceremony took place on Friday, January 25, 2013 at the Ministry of Public Works.
The Minister of Public Works, Samuel Kofi Woods signed on behalf of the Liberian government while the CEO of ArcelorMittal Liberia, Antonio Maria signed on behalf of the company.
As per the agreement, US$40 million will be spent on the construction of a high standard black-top highway along the 70 kilometer road from Ganta City to Yekepa City in Nimba County.
Speaking on behalf of ArcelorMittal Liberia, CEO Maria said "today we are happy to make good on our promise to the Liberian people, a promise that Mr. Lakshmi Mittal, Chairman and CEO of ArcelorMittal made to President Ellen Johnson Sirleaf in 2011."
The engineering design will be submitted to the Ministry of Public Works for approval, followed by the tendering process for bids from contractors.
The Government of Liberia will also begin the resettlement of inhabitants located on the new highway route, based on World Bank international standards.
A local company, Longman Engineering Services, carried out the highway design and construction is expected to start in November 2013 with completion expected in 2015.
The appointed contractor will be required to maintain the road for a period of three years at which point road maintenance will be passed on to the Ministry of Public Works.
ArcelorMittal is the world's leading integrated steel and mining company, with presence in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks.
Through its core values of sustainability, quality and leadership, ArcelorMittal is committed to operating in a responsible way with respect to the health, safety and well-being of its employees, contractors and the communities in which it operates.
It is also committed to the sustainable management of the environment. It takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2010, ArcelorMittal had revenues of US$78.0 billion and crude steel production of 90.6 million tonnes, representing approximately 6 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).