A Canadian investor is reportedly interested in acquiring ArcelorMittal’s idled mill in Point Lisas, Trinidad and Tobago, according to a media report.
Newsday reported that the investor is willing to make a proposal to the country’s government, and is reportedly in talks with the local steel union, SWUTT, to make a bid to resume operations at the mill.
The media report said the unnamed investor wrote a letter to the country’s finance minister, Colm Imbert, requesting a “formal meeting with the government to discuss a proposed joint partnership.”
However, the investor received no reply and took the proactive stance in coming to the Caribbean country to talk with the union. In the letter, the investor said it had “extensive” discussions with SWUTT, which in turn guaranteed their cooperation for the success of the proposed venture.
According to the media report, the investor believes the imposition of tariffs, relevant duties and the granting of concessions of essential utilities would be “required” to “maximize profitability and protect the integrity and quality of steel products consumed in Trinidad and Tobago and the region.”
A SWUTT Labour Relations Officer said it would be “disheartening if the investor was discouraged from investing locally.”