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....
(This article contains approximately 1124 words)
