Finance Minister Colm Imbert says he is looking at the “pros and cons” of all potential and possible scenarios regarding ArcelorMittal.
He made the comment via email in response to questions on Government's next step in the issue, especially since Government’s Economic Advisory Board says it is not prudent to acquire the company.
Imbert was also asked about Government’s constraints on the matter and if it would explore suggestions from the Steel Workers’ Union (SWUTT) on the company.
Labour Minister Jennifer Baptiste-Primus yesterday referred queries on the acquisition aspect to Imbert, saying ArcelorMittal managing director/chief executive officer Robert Bellisle would have discussions with Imbert on that.
Last weekend, the SWUTT claimed the company was bankrupt and offering the entity to Government for $1 though Government would have to assume its $1.3 billion debt.
Yesterday, United National Congress MP Dr Tim Gopeesingh, warning Prime Minister Dr Keith Rowley against an “arrogant headstrong” approach to the situation, urged Government to engage immediately with ArcelorMittal “in meaningful discussions” towards having the multi-national enterprise to continue local operations.
Detailing how much the shutdown would negatively affect the local downstream steel sector and local economy, Gopeesingh said the company’s withdrawal could seriously hurt T&T’s opportunities for direct foreign investment, since it was a primary global industrial player with plants in 19 countries, significant investments in 60 countries and assets of more than TT$500 billion.
He added: “The steel corporation is no sidewalk cafe and in that light it is disheartening that Dr Rowley’s Minister of Labour could not find time to honour the company’s recent request for a meeting.
“Prime Minister Rowley must appreciate that his headstrong and arrogant approach to the current crisis will not see a resumption of operations by one of the leading international industrial corporations.
“He should develop a strategic approach and seek urgent discussions with chairman Lakshmi Mittal and the local managing director and should propose a framework of incentives, within business and time frame parameters, aimed at a resumption of operations.
“Such incentives must include worker compensation, competitive port charges, prices of natural gas, electricity and water and other relevant concessions.”
Gopeesingh called for the T&T Chamber of Commerce and TTMA to weigh in on the issue. — GA