Canadian investor wants ArcelorMittal

The investor has been in talks with the Steel Workers Union of TT (SWUTT) in a bid to restart the operations to provide employment for some 2,000 workers who were laid off when ArcelorMittal folded last year.

Newsday understands that on January 6, the investor wrote to 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 Trinidad to see what he could achieve.

In his letter, the investor said his company had extensive discussions with SWUTT which guaranteed their cooperation for the success of this venture that will contribute to the recovery of this country’s economy and provide employment for those displaced when ArcelorMittal folded in March last year.

The investor said, his company had done extensive research and recognised the need for specific essentials such as natural gas, water, electricity, and the use of port facilities to successfully operate the steel facility - utilities which are either owned by the government or in which it has shares.

The investor said, he believes that the imposition of tariffs, relevant duties and the granting of concessions of essential utilities would be required to maximise profitability and protect the integrity and quality of steel products consumed in TT and the region.

On the issue, SWUTT Chief Labour Relations Officer Timothy Bailey told Newsday that it would be disheartening if the investor was discouraged from investing locally. Bailey recalled that after the closure of ArcelorMittal, SWUTT was in talks with a number of investors to salvage the facilities at ArcelorMittal for workers who were laid off without any compensation.Bailey suggested that because of Government’s lack of interest to hold discussions with the SWUTT on the proposal to operationalise ArcelorMittal facilities, some investors have stopped showing an interest.

Late last year, SWUTT met with Government representatives at which additional information in relation to the investors and their sources of funding were requested.

Bailey said, the information requested was provided during the first week in January.

Subsequent to providing the information, Bailey noted that the Canadian investor indicated a willingness to travel to Trinidad to meet with Government officials. Bailey said, that apart from the investor requesting a meeting with Imbert, SWUTT also wrote to the Minister of Public Utilities, Minister of Trade, and Minister of Labour and Small and Micro Enterprise Development requesting meetings with them.

SWUTT received a letter only acknowledging receipt on behalf of Labour Minister Jennifer Baptiste-Primus.

Bailey said that SWUTT has followed up with phone calls and messages, but without success.

It appears, he said, that Government does not want to entertain discussions on the investment and someone needs to say something.

Politicians are talking about diversification and joint ventures, he said, and this was an opportune time for Government to take advantage of such an investment.

On the other hand, Bailey said, there are rumours that Government was showing an interest in another company that has an interest in taking over one of the three main plants of ArcelorMittal. Taking over one without the two others, Bailey said, will not do justice to the majority of former ArcelorMittal employees and will start the canibalisation of ArcelorMittal facilities to benefit a few.