ArcelorMittal Liberia (AML) has made a payment of US$308,000 into an escrow account established as social support for some former independent contractors of the company.
The payment has been confirmed by the bank and disbursement began on Thursday, October 7, in fulfillment of a promise by ArcelorMittal Liberia to support efforts to improve the welfare of the former independent contractors.
AML's contribution to the fund has been received with the former contractors expressing thanks to the company for the support, a release from the company said.
"Bravo to AML for making sure this happens. Payment has started and the contractors are happy. We are okay because we accepted this in the interest of peace. Everything is now resolved, and we have no claims against the company," explained Arkins M. G. Cisco, Head of the aggrieved former AML contractors.
In the release issued Thursday, ArcelorMittal clarified that it has never opposed any proposed settlement to reach an amicable solution to the concerns of the former independent contractors.
"AML remains committed to being a responsible corporate citizen and calls for adherence to the Government of Liberia's statement of zero tolerance of disruption to rail operations for any reason," the release concluded.
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steel-making facilities in 17 countries.
In 2020, ArcelorMittal had a revenue of $53.3 billion and crude steel production of 71.5 million metric tonnes, while iron ore production reached 58.0 million metric tonnes.