Govt in a friendly settlement with ArcelorMittal over steel licence cancellation

摘要

The Egyptian government, represented by the chairperson of the Industrial Development Authority (IDA) Ahmed Abdel Razek, had a settlement contract signed in London with the largest steel producer in the world, ArcelorMittal, in the presence of Investment Minister Dalia Khorshid and company chairperson Lakshmi Mittal. ArcelorMittal was seeking USD 600 mln in damages, claiming Egypt had violated its agreement regarding its proposed steel plant in North West, the Gulf of Suez.