LIBERIA · IRON ORE
Key Facts
- The country Liberia is a West African nation founded by freed African Americans, with Monrovia as its capital and Joseph Boakai as president.
- What happened On Wednesday 28 October 2026, the chief executive of ArcelorMittal Liberia said its total investment is approaching US$4 billion.
- The company ArcelorMittal is a steelmaker listed in Luxembourg, Amsterdam, Paris, Madrid and New York, and it has mined iron ore in Liberia since 2011.
- The numbers Exports were under 5 million tons in 2024, and the company expects over 20 million tons in 2027.
- The railway About US$800 million went into the state-owned railway and port, which other miners may now use if they fund their own expansion.
- For US readers ArcelorMittal’s shares trade in New York, so the plan reaches American portfolios, and Liberia’s iron ore feeds steelmakers that are cutting carbon.
- Still open Which rival miners get railway access, and how fast the new concentrator reaches its full output.
ArcelorMittal Liberia says its total investment is close to US$4 billion, chief executive Michiel van der Merwe said on Wednesday 28 October 2026. He spoke at a mining conference in Margibi County and called the money spent so far the base for a bigger iron ore business.
For US readers, the story is about one of the biggest foreign investments in West Africa and a listed company that American funds can buy. The company wants Liberia’s iron ore exports to climb from under 5 million tons in 2024 to more than 20 million tons in 2027.
What the Chief Executive Told the Conference
Van der Merwe spoke on day one of the Liberia International Mining and Energy Conference, held on 28 and 29 October at the Farmington Hotel. ArcelorMittal Liberia, the local arm of the steel group, was a platinum sponsor of the event.
He said the total investment is approaching US$4 billion, spread over mines, railway, port, power and social projects. In his words, “it is an investment in Liberia’s future,” and the company is ready to stay “for another forty years or more.”
From 5 Million Tons to 20 Million
ArcelorMittal Liberia began mining iron ore in 2011, and its first phase ships about 5 million tons a year of direct shipping ore. That is ore rich enough to be sold with little processing.
The second phase adds a concentrator, a plant that upgrades lower-grade rock into a purer product that steelmakers pay more for. The plan targets 20 million tons of shipments a year: 15 million tons of sinter feed blend and 5 million tons of high-grade concentrate.
Who Can Use the Railway
The railway runs about 245 kilometres (152 miles) from the iron ore deposits in Nimba County to the port of Buchanan on the Atlantic coast. It belongs to the Government of Liberia, and ArcelorMittal paid for its rehabilitation and expansion, about US$800 million in all, according to the company.
The Third Amendment to the Mineral Development Agreement, the long-term contract between the state and the company, opens the line to other users. The government decides who may use it, newcomers must pay for their own expansion, and an independent rail operator is planned from October 2030.
Jobs and Local Skills
The company said in January that it supports about 8,000 direct and indirect jobs. Van der Merwe stressed training for Liberians and local suppliers, and said no single investor can reach the country’s goals alone.
The company also backs a proposed National Rail Authority, a state body that would oversee further rail corridors. Yekepa, the mining town in Nimba County, has also hosted malaria-spraying campaigns like the one pictured.
What the Company Filings Show
In its half-year report of 31 July 2026, ArcelorMittal said Liberian output reached 7.7 million tons in the first half, up from 4.1 million tons. ArcelorMittal Liberia expects shipments of 18 million tons in 2026, and the expansion cost rose to US$1.8 billion from US$1.4 billion.
The group’s mining division, which covers all its iron ore mines, made US$308 million in operating income in the first half, down from US$449 million. The company blamed higher freight and running costs and extra depreciation from the Liberian expansion, and heavy rain delayed some shipments.
What It Means for US Readers
ArcelorMittal’s shares trade on the New York Stock Exchange, so American investors can follow the Liberian plan through the share price and quarterly reports. The company says the new concentrate suits steelmakers that use lower-carbon methods, a growing market in Europe and North America.
The earlier Rio Times coverage of the Liberia mining conference shows the government is courting about US$3 billion more from miners and power developers. Our Liberia iron ore shipping report explains how the shared railway decides who can export.
What Is Not Known
It is not known which rival miners will win railway access first, or when the independent rail operator will be chosen. The company has not said how much more it would spend to go beyond 20 million tons a year.
The 2027 target of over 20 million tons compares with 18 million tons expected in 2026, so the concentrator’s ramp-up pace is open. The government has not said how it would share railway capacity with newcomers.
More: Africa news in English, every day from The Rio Times.
Frequently Asked Questions
How much has ArcelorMittal invested in Liberia?
ArcelorMittal Liberia says its total investment is approaching US$4 billion. In January it put the figure at US$3.5 billion after signing the amended contract.
How much iron ore does ArcelorMittal Liberia plan to export?
ArcelorMittal Liberia’s chief executive said exports were under 5 million tons in 2024 and should pass 20 million tons in 2027. A longer-term plan studies 30 million tons a year.
Can other companies use the railway to Buchanan?
Yes, under the Third Amendment to the Mineral Development Agreement, but the government decides who gets access. Newcomers must pay for their own expansion.
How long does ArcelorMittal’s Liberian contract last?
The amended agreement runs to 2050, with a right to renew for another 25 years. The company paid the government US$200 million for the extension and reserved rail capacity.
Can US investors buy ArcelorMittal shares?
Yes, the group is listed in New York as well as in Amsterdam, Paris, Luxembourg and Madrid. Liberia is one part of its mining division, so the shares also reflect steel markets in other regions.
Sources: ArcelorMittal, Liberia Mineral Development Agreement press release, 30 January 2026; ArcelorMittal, second quarter 2026 results release, 30 July 2026; ArcelorMittal, half-year 2026 interim report (Form 6-K), 31 July 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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