Invest at least $3 bln within 3 years — Alikhan Smailov on requirements for ArcelorMittal Temirtau new investor

During a briefing after the plenary session of the Majilis of Kazakhstan Prime Minister of Kazakhstan Alikhan Smailov voiced plans for the future activities of ArcelorMittal Temirtau JSC.

Head of the Government reminded that currently an investigation is being conducted on the fact of death of miners at the enterprise.

"Back in November last year there was a tragedy, when 4 miners died. On this case the investigation has already been completed, the materials are now being familiarized with the defendants. In the near future they will be submitted to the court. In August there was also a tragedy - 5 more miners died. The investigation is currently underway, it is not yet completed. A comprehensive investigation will also be carried out on the last fact and all the guilty parties will be brought to responsibility," Alikhan Smailov said.

According to him, the task of the Government in the near future is to ensure the return of this company to the Republic of Kazakhstan.

"To ensure the preservation of salaries and jobs at the company, fulfillment of all social obligations, including those that arose after the death of miners. We will control that they were fully fulfilled," the Prime Minister said.

He added that in accordance with the preliminary agreement on the transfer of the company to the Republic of Kazakhstan, its details cannot be disclosed at this time.

"They will be announced after we finalize this deal. It will be within literally one month. We must complete all the legal procedures for the transfer by November 30," Alikhan Smailov emphasized.

In conclusion, Prime Minister noted that the state has no plans to become the owner of ArcelorMittal Temirtau JSC and invest budget funds in it.

"We must attract a private investor, who will be ready to invest at least $3 billion in the next 3 years. And about $1.3 billion should be invested at once, because the current situation at the enterprise requires immediate solution of industrial safety issues and modernization of equipment. We plan that it will be a Kazakh investor," he summarized.

#Alikhan Smailov #The Prime Minister of the Republic of Kazakhstan #Briefing #Government commission

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