Nimba County Senator Nyan Twayen has formally petitioned the Liberian Senate to investigate what he believes may be a grossly overstated $1.4 billion investment claimed by ArcelorMittal Liberia (AML) for the construction of its Iron Ore processing plant in Yekepa, Nimba County.
In a strongly worded communication to the President Pro Tempore and members of the Liberian Senate, Senator Twayen requested an urgent plenary mandate for a joint investigation by the Committees on Concession & Investment, Public Works, and Mines & Energy.
The Senator is urging the committees to summon key government officials and AML’s top leadership, including:
The Chairman of the National Investment Commission (NIC) The Minister of Public Works The Minister of Mines and Energy The Country Representative or Chief Executive Officer of ArcelorMittal Liberia
Senator Twayen’s concerns are grounded in the company’s public disclosure of a $1.4 billion investment over a four-year period, equating to $350 million per annum. He argues that these figures are not only suspicious but carry direct consequences for national revenue collection.
“Given the Corporate Income Tax (CIT) rate of 35%, these expenses represent an estimated annual loss of US$123 million in potential government tax revenues,” the Senator stated. He further noted that AML has consistently reported operating losses over the years and that these newly declared capital investments would likely extend those losses, thereby shielding the company from paying taxes well into the future.
He described the situation as a “tactic” that deprives the Liberian people, particularly those in Nimba County, of any meaningful benefit from their own resources, while the concessionaire benefits from a “prolonged tax shield.” Twayen warned that if these concerns are not addressed swiftly, Liberia may never realize real revenue from the project before the natural iron ore reserves are exhausted.
“An inflated or overstated investment swallows profit and deprives Liberia of receiving dividend, a case with us and ArcelorMittal for 20 years now that has always declared loss instead of profit; we will get to the bottom of this one,” the Senator said emphatically.
The matter is now before the Liberian Senate Plenary, and a decision is expected shortly on whether to launch a full investigation into the plant’s true cost, AML’s adherence to its contractual obligations, and the broader tax and economic implications of the company’s financial reporting.
As of press time, ArcelorMittal Liberia has not issued any official response.
