Liberia mining pact extends ArcelorMittal (MT) iron ore project to 2050
Rhea-AI Filing Summary
ArcelorMittal has signed an amended Mineral Development Agreement with the Government of Liberia, extending its mining rights in the country to 2050, with an option to renew for a further 25 years. The deal underpins a long-term expansion of its Liberian iron ore operations.
The company has developed a $1.8 billion expansion project in Liberia, bringing total investment there to $3.5 billion, including a new state-of-the-art concentrator, upgraded rail from Tokadeh to Buchanan, port improvements and two power plants. Iron ore shipments from Liberia are expected to rise from about 5 million tonnes per year to 20 million tonnes in 2026, with feasibility studies underway for potential output beyond 20 million tonnes annually.
ArcelorMittal is expanding railway capacity so it can transport up to 30 million tonnes of iron ore annually for its own use and will pay $200 million to Liberia for extended mining rights and reserved rail capacity. The company currently supports around 8,000 direct and indirect jobs in Liberia and is one of the country’s largest taxpayers. Group-wide, ArcelorMittal generated $62.4 billion of revenue in 2024, producing 57.9 million tonnes of crude steel and 42.4 million tonnes of iron ore.
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Insights
Long-dated Liberia deal secures iron ore growth platform for ArcelorMittal.
The amended Liberian Mineral Development Agreement extends ArcelorMittal’s mining rights to 2050 with a 25-year renewal option, anchoring a long-life iron ore hub. The company links this framework to a $1.8 billion expansion, taking its total Liberian investment to $3.5 billion.
The project is designed to increase iron ore shipments from roughly 5 million tonnes per year to 20 million tonnes in 2026, with feasibility work on further expansion. Rail capacity is being expanded so ArcelorMittal can move up to 30 million tonnes annually, while a multi-user structure requires other users to fund incremental capacity.
ArcelorMittal will pay $200 million for extended mining rights and reserved rail access, a defined cash cost against a long-duration resource position. Over the next 25 years and beyond, the agreement is expected to lift Liberia’s royalties and tax receipts, while potentially strengthening ArcelorMittal’s upstream iron ore supply alongside its global steel business, which generated $62.4 billion of revenue in 2024.
FAQ
What did ArcelorMittal (MT) agree with the Government of Liberia?
ArcelorMittal and Liberia signed an amendment to the Mineral Development Agreement, extending the mine concession to 2050 with a 25-year renewal option. It underpins a major iron ore expansion, rail upgrades, and long-term economic cooperation between the company and the country.
How much is ArcelorMittal investing in its Liberia expansion project?
ArcelorMittal’s Liberia expansion project is valued at $1.8 billion, bringing total investment in the country to $3.5 billion. This covers a new concentrator, rail and port upgrades, and power plants, supporting a large increase in iron ore production and exports.
How will ArcelorMittal’s iron ore production in Liberia change under the new deal?
The expansion is expected to raise Liberia iron ore shipments from about 5 million tonnes per year to 20 million tonnes in 2026. Feasibility studies are also underway to assess possible production increases beyond 20 million tonnes annually, supported by expanded rail capacity.
What payment will ArcelorMittal make to Liberia under the amended agreement?
Under the agreement, ArcelorMittal will pay $200 million to the Government of Liberia. This payment covers extended mining rights and reserved access to the expanded railroad capacity that the company is funding as part of its wider Liberia growth project.
How does the Liberia agreement affect ArcelorMittal’s rail infrastructure plans?
ArcelorMittal is expanding the Tokadeh-to-Buchanan railway so it can transport up to 30 million tonnes of iron ore annually for its own use. The agreement also allows multi-user access, with other users required to invest in extra capacity to meet their transport needs.
How important is Liberia to ArcelorMittal’s wider business performance?
Liberia is a key iron ore hub within ArcelorMittal’s mining operations, complementing its global steel business. In 2024, the company generated $62.4 billion in revenue, producing 57.9 million tonnes of crude steel and 42.4 million tonnes of iron ore across its global footprint.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
—————————
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
—————————
Dated January 30, 2026
Commission File Number: 001-35788
ARCELORMITTAL
(Translation of registrant’s name into English)
24-26, Boulevard d’Avranches
L-1160 Luxembourg
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
On January 30, 2026, ArcelorMittal published the press release attached hereto as Exhibit 99.1 and hereby incorporated by reference into this report on Form 6-K.
Exhibit Index
| Exhibit No. | Description | ||||
Exhibit 99.1 | Government of Liberia and ArcelorMittal sign new long-term Mineral Development Agreement | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ARCELORMITTAL
Date 30 January 2026
By: /s/ Henk Scheffer
Name: Henk Scheffer
Title: Company Secretary & Group Compliance & Data Protection Officer
Exhibit 99.1
press release
Government of Liberia and ArcelorMittal sign new long-term Mineral Development Agreement
30 January 2026, 08:30 CET
The Government of the Republic of Liberia and ArcelorMittal (“the Company”) have signed an amendment to the existing Mineral Development Agreement (MDA), which was yesterday ratified via the Liberian legislative process, extending the duration of the agreement to 2050, with a right to renew for a further 25 years. The agreement solidifies ArcelorMittal’s long-term mining expansion and commitment to Liberia. It also provides for the Government’s desire to make the Tokadeh to Buchanan rail corridor accessible to multiple users.
The agreement, alongside the recent inauguration of ArcelorMittal’s iron ore concentration facility at Tokadeh in Nimba County, highlights Liberia’s growing stature as a competitive and strategic hub for mineral development in West Africa. The state-of-the-art concentrator facility is one of the largest and most technologically advanced iron ore beneficiation plants in Africa.
The new concentrator forms the centrepiece of ArcelorMittal’s $1.8 billion expansion project, bringing the Company’s total investment in Liberia to $3.5 billion - the largest foreign direct investment in Liberia’s post-war economy. In addition to the concentrator, the expansion project has involved significant investment in the rail infrastructure running between Tokadeh and Buchanan, upgrades to the existing port infrastructure including construction of an additional berth at the port in Buchanan, and other infrastructure investments including two power plants.
The expansion project, which is nearing completion, will see iron ore shipments increase from historic levels of approximately 5 million tonnes per annum (mtpa) to 20 mtpa in 2026, alongside improvements in product quality to higher grade, higher value ore. The Company is also undertaking feasibility studies for further expansion of its iron ore asset beyond 20 mtpa.
The agreement makes provision for a multi-user agreement regarding the use of the rail infrastructure, where other users who wish to use this infrastructure are required to invest in its expansion in order to meet their transportation needs. ArcelorMittal is currently expanding the railway infrastructure so it can transport up to 30 million tonnes of iron ore annually, should the
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feasibility studies it is undertaking prove successful and a decision is taken to expand iron ore production beyond 20 mtpa. This railway capacity will be reserved for ArcelorMittal’s use.
Under the terms of the agreement ArcelorMittal will pay $200 million to the Government of Liberia for certain rights it acquires per the agreement, namely the mining rights extension and reserved access to railroad capacity the Company is investing in.
Commenting, His Excellency President Joseph Boakai, said:
“ArcelorMittal Liberia is one of Liberia’s largest private sector investors and a leading employer in the country. I welcome this Third Agreement to the concession agreement, which will unlock a major expansion of ArcelorMittal Liberia’s operations, with production increasing to 20 million metric tonnes and projected to grow to 30 million metric tonnes. The agreement will establish an independently operated railway from October 2030, which will strengthen efficiency, promote multi-user access, and deepen the overall impact of the concession on the national economy
“The agreement will provide a significant boost to Liberia’s economy through increased employment opportunities and enhanced growth in host communities. I believe this new agreement is clear testament to Liberia’s investor friendly climate and the Government’s unwavering commitment to creating an enabling environment for businesses to thrive.”
ArcelorMittal Executive Chairman, Lakshmi Mittal, said:
“This agreement represents a defining moment for both Liberia and ArcelorMittal. I must thank President Boakai and his administration for their commitment to this partnership which will reinforce Liberia’s role in Africa’s mining sector.
“Having recently inaugurated our state-of-the-art concentrator, the agreement further cements our long-term presence and commitment to Liberia. We are proud of the positive impact we have had on the country over the last twenty years and look forward to many more years of successful partnership and shared ambition to create sustainable growth and secure long-term benefits for Liberia’s economy and people."
ArcelorMittal has made a significant impact on the development of Liberia’s economy over the past 20 years. It currently provides direct and indirect employment for approximately 8,000 people, is one of Liberia’s largest tax contributors and has made investments in a variety of housing, healthcare and education projects.
The amended agreement will deliver greater benefits for communities near ArcelorMittal’s operations and sets the stage for transformative economic growth in Liberia. Over the next 25 years and beyond, Liberia will see a substantial rise in royalties and tax revenues due to ArcelorMittal’s significant investment and expanded iron ore production. The quadrupling of output and exports in 2026 will drive Liberian GDP and deliver wide-ranging economic benefits, including creating new opportunities for local procurement and stimulating the growth of small and medium-sized businesses nationwide.
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest
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steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2024 generated revenues of $62.4 billion, produced 57.9 million metric tonnes of crude steel and 42.4 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
http://corporate.arcelormittal.com/
ArcelorMittal Investor Relations contact information | |||||
| General | +44 20 7543 1128 | ||||
| Retail | +44 20 3214 2893 | ||||
| Bonds/Credit | +33171921026 | ||||
| Bonds/Credit | +33171921026 | ||||
ArcelorMittal Corporate Communications contact information | |||||
| Paul Weigh | |||||
| Tel: | +44 20 3214 2419 | ||||
| press@arcelormittal.com | |||||
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