The Trinidad and Tobago government says it will not purchase debt-ridden ArcelorMittal Point Lisas, a local subsidiary of the world's leading steel and mining company.
Finance Minister Colm Imbert said ArcelorMittal, which has been losing money since 2008, is in the process of winding up the company in accordance with the Companies Act and the next step would be to advertise that resolution, appoint a liquidator, meet with creditors and dissolve the company.
"If the government were to take on this liability now, we would have to absorb TT$3 billion in debt. It doesn't appear that it makes sense for the government to purchase the plant at this time; reason being the huge debt levels and also the absence of a market for the product," said Imbert.
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