The Saudi steel pipe factory Al Jubail, of which ArcelorMittal is joint owner, is struggling with problems. According to ArcelorMittal’s annual report, the joint venture has been ‘technically in default’ since the end of last year because other owners would refuse to provide the necessary financing.
ArcelorMittal had $ 163 million in loans and receivables past due at Al Jubail at the end of last year. The group also guaranteed 397 million dollars of the factory’s debts. ArcelorMittal, in its own words, works to resolve the situation with its partners. The steel concern therefore assumes that the shortcoming will be remedied in the short term.