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ArcelorMittal

ArcelorMittal

Industry: 
Steel
Value of USG Contracts: 
37
Symbol: 
NYSE:MT
States: 
IL
PA
WV
Country: 
Luxembourg
Sources: 

“As economic sanctions eased last month under a temporary accord, Iran is shaping up as a hot, untapped opportunity for Western steel exporters, particularly high-grade varieties. ArcelorMittal (MT) and Russia’s OAO Novolipetsk Steel have mills in central Asia that supplied Iran before sanctions in 2007, when it imported 12.2 million tons a year of the metal, valued at $6 billion today. Other steelmakers are quietly testing the waters…About 45 producers sent representatives to a steel conference last month in Tehran to study export opportunities and investing in Iran’s domestic industry, Karbasian said. More than 10 steelmakers contacted by Bloomberg declined to comment or said they hadn’t attended the event…ArcelorMittal, the world’s biggest steelmaker, may be in one of the best positions to benefit from any easing of sanctions by shipping from its plants to the north in Kazakhstan...’There is a softening of the stance’ against Iran by foreign powers, Aditya Mittal, chief financial officer of Luxembourg-based ArcelorMittal told investors last month. ‘Kazakhstan used to sell a lot to Iran and we are hearing the Iranian market is opening up.’ Mittal told investors the company was ‘reviewing’ the Iran situation. The steelmaker, whose Kazakhstan unit sold more than 1 million tons a year to Iran before sanctions were tightened in 2012, said it no longer does so in compliance with those restrictions, when asked by Bloomberg about its plans." (Bloomberg, “Iran Thaw Seen Re-Stoking $6 Billion Market for Steel,” 3/12/14)

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“[ArcelorMittal] is reviewing the lifting of trade sanctions on Iran to see whether it could sell more steel to the country, Mr. Mittal said. Before the 2010 trade sanctions, Iran was a large consumer of steel produced by ArcelorMittal's Kazakhstan steel plant.” (Wall Street Journal, “ArcelorMittal Expects Slower Growth in Chinese Steel Demand,” 2/7/14)

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"India's HMEL, part-owned by steel tycoon Lakshmi Mittal, has emerged as a new oil client of sanctions-hit Iran, potentially complicating New Delhi's bid for a renewal of its waiver from U.S. sanctions for buying crude from Tehran... HMEL is part-owned by Indian tycoon Mittal, who heads ArcelorMittal, the world's largest steelmaker. ArcelorMittal produces 35 percent of its steel in the Americas and 47 percent in Europe, according to the company's website." (Reuters, "Exclusive: India's HMEL bought 2 million barrels of Iranian oil: sources," 10/13/2012)

          

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"ArcelorMittal has done business in Iran since at least 2005; it listed the country among its markets in a 2007 filing with the Securities and Exchange Commission, and its Web site currently shows it has an office there. The steel company has provided the United States Army with sheet metal, steel plates and other metal products."  The company has received $37.2 million in revenue and benefits from the US government for their business in Iran between 2000 and 2009.  Their business in Iran is currently active. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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ArcelorMittal is the largest steel producer in the world. The company website lists an office in Tehran.

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the Internet in July 2007)

Response: 

No response at this time.