Fact-Check: ArcelorMittal Liberia's 2024 Production and Revenue

 Claims Under Review  : "In 2024, ArcelorMittal Liberia produced 27.9 million tons (Mt) of iron ore, generating a revenue of USD two billion, seven hundred ninety million (27,900,000,000)."

"According to the law, Liberia is entitled to only 3 percent of the company's total profit after expenditure. 3 percent of $1,090,000,000 = $32,700,000 (Thirty-two million, seven hundred thousand")

"In 2024 Liberia received: Thirty-two million, seven hundred thousand from ArcelorMittal."

"In 2024, AceloMitta walked away with USD One billion fifty-seven million three hundred ($1,057,300,000.) profit"

Source: Shine Liberia.

Verdict: Shine-Liberia misleads the public about ArcelorMittal's operations in Liberia. 

Full Text: Shine Liberia is one of the most followed blogs on Facebook. On 5th April, the blog made several claims on its page about the operation, production and financial arrangement of ArcelorMittal.

The post was probably taken down by the blog days later due to lashes from the public. ArcelorMittal Liberia, part of the ArcelorMittal group, is a leading steel and mining company in over 22 countries.

Established in 2006, it mines iron ore under a 25-year Mineral Development Agreement. ArcelorMittal Liberia aims to produce safe, sustainable steel, prioritizing safety and sustainability. 

The company's brand promise is 'transforming tomorrow,' guided by sustainability, quality, and leadership. The company aims to achieve production targets through safe mining, promoting Liberia's growth.  

Verification: According to ArcelorMittal's 2024 annual report, the combined iron ore production from ArcelorMittal Mining Canada (AMMC) and ArcelorMittal Liberia was 27.9 million tons. 

However, ArcelorMittal Liberia alone produced only 3.7 million tons in 2024, falling short of its 5 million ton target. The claim incorrectly attributes the entire global production figure to Liberia operations alone.

Liberia's entitlement under the Mineral Development Agreement (MDA) with ArcelorMittal is not tied to a fixed percentage of profits after expenditure, as claimed.

The agreement includes royalties on iron ore exports and various tax obligations through a more complex structure. The claim oversimplifies the financial arrangement and calculates based on an unsubstantiated profit figure and percentage.

There is no available evidence to confirm the claim that Liberia received exactly $32.7 million from ArcelorMittal in 2024. While reports indicate AML disbursed over $3.5 million through social development funds in 2024, broader payments or exact figures for total contributions to the Liberian government are not detailed in accessible public records.

Lastly, ArcelorMittal's global net income for 2024 was $1.339 billion, representing the entire company's worldwide operations. There is no evidence supporting that Liberia-specific profits reached $1.057 billion. The claim incorrectly attributes what appears to be a derived portion of global profits solely to Liberian operations.

Conclusion: All four claims made by Shine Liberia about the operation, production, and financial obligation of the company are inaccurate.