LEGAL ACTION
ArcelorMittal warns Bosnia over mine sale
The steel maker is challenging the sale of a stake in Ljubija iron ore mine to rival bidder Israeli Investment Group
ArcelorMittal, the world’s largest steel producer and parent company of ArcelorMittal SA, has warned Bosnia’s authorities it is ready to take legal action to protect its ownership rights if a government-owned stake in the Ljubija iron ore mine is sold to a rival bidder. ArcelorMittal owns a steel plant in the central Bosnian town of Zenica, where it processes iron ore from the mines it owns in Prijedor in the north of the country. It also owns 35.1% in the nearby Ljubija iron ore mine, while the government of Bosnia’s autonomous Serb Republic has a 64.9% stake in the mine, which has been put up for sale. The steel maker has made a bid to buy out the government’s stake in the mine, but the government has decided to sell it to rival bidder Israeli Investment Group (IIG). The regional parliament is expected to decide on the sale on Tuesday. ArcelorMittal chairman and CEO Lakshmi Mittal had sent a letter to the Serb Republic government in which he "emphasised the very serious negative i...
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