MAC: Mines and Communities

Brothers in an ispat?

Published by MAC on 2006-07-15

Brothers in an ispat?

[Comment by Nostromo Research, 22nd July 2006]

GIHL (Global Infrastruture Holdings Ltd) is the holding company for Ispat, run by L N Mittal's younger brothers, operating (so far) predominantlay in India.

In 2004, when the older scion of the dynasty set up Mittal Steel - now by far the world's biggest steel producer, Ispat merged with the International Steel Group Inc of the US. Whether there is actually little love between the brothers or, in fact, the three of them are working in tandem, the long-running saga of their competition for one of the world's largest untapped reserves of iron ore in Liberia has now triggered a government investigation of the process, Mittal (elder) is being accused of doing what he did for years ago when he secured Romania's biggest steel procucer, without the company being put out to tender.

In that case, the UK's prime minister of sleaze (Tony Bliar) was found guilty of having directly intervened with the Romanian prime minister, on L N Mittal's behalt (shortly after the steel king had made a big donation to "New Labour"). Now the US ambassador to Liberia is being cited as having pressured the Liberian government, to ditch GIHL on behalf of Mittal's eponymous steel conglomerate.

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