MONROVIA – Nimba County Senator Nya D. Twayen has issued a sharp rebuke against ArcelorMittal Liberia (AML) following the company’s failure to provide key documentation and clarify critical issues regarding Liberia’s equity stake during a hearing before the House of Representatives Joint Committee on Compliance and Concessions Review.
In a statement released Tuesday, July 8, 2025, Senator Twayen criticized AML for what he described as a blatant lack of transparency and disregard for legislative oversight. He pointed to the company’s inability to answer a fundamental question: why Liberia’s equity share was unilaterally reduced from 30 percent to 15 percent without legislative approval.
“Today as seen attached, the House of Representatives held a hearing with Mittal today and they couldn’t pass the first question as to why their shareholders reduced Liberia’s share from 30% to 15% without legislative approval,” Twayen wrote. He added that AML failed to present a comprehensive financial report, prompting the committee to schedule a follow-up hearing for Tuesday, July 15.
Meanwhile, ArcelorMittal is expected to appear before the Senate on Thursday, July 10, to answer questions concerning alleged overstatement of investment figures and violations of its Mineral Development Agreement (MDA), issues that Senator Twayen says have deprived Nimba County and Liberia of vital opportunities and incentives. “We will not rest until we get the best for our people and country,” he vowed.
It can be recalled that the House Joint Committee, which includes members from the Committees on Investment and Concessions, Lands, Mines, Energy, Natural Resources and Environment, and Labor, adjourned its initial hearing after AML failed to meet basic compliance requirements. Although the company apologized for previously missing the scheduled appearance, lawmakers expressed serious concern over the absence of audited financial statements and a board resolution explaining the equity reduction.
Instead of a standard financial report, AML submitted what it referred to as a “financial gains report,” which the Committee rejected outright for lacking proper auditing and financial integrity. The lawmakers described the submission as inadequate and not in conformity with national standards.
The Committee, chaired by Hon. Foday E. Fahnbulleh and co-chaired by Hon. Jeremiah Sokan, instructed AML to return with the following documents: audited financial statements, the board resolution authorizing the equity reduction, a list of Corporate Social Responsibility (CSR) initiatives, a copy of the contract with the University of Liberia, and the company’s current organogram.
Lawmakers reaffirmed their commitment to ensuring all concession agreements comply with Liberia’s legal framework and deliver tangible benefits to its citizens.
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