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Algeria, Qatar launch construction of steel complex

Xinhua, March 10, 2015 Adjust font size:

Algeria and Qatar on Monday laid the first stone for the construction of a steel complex in the locality of Bellara of Jijel province, 375 km east of Algiers, local media reported.

This 1.76 billion U.S. dollars worth project, which is due to be finished within ten months, is part of the industrial partnership cooperation between Algeria and Qatar. It is due to generate some 3,000 jobs during the construction phase.

Once on service, the complex will create 1,500 direct jobs and 10,000 indirect jobs, and will output 2 million tons of steel from 2017 in a first step. The production will gradually hit 5 million tonnes by 2019.

The complex will be owned at 51 percent by the Algeria company Sider and the National Investment Fund, while the joint venture of Qatar International owns 49 percent stake.

For now, the complex of El Hajar, located in the province of Annaba, 550 km east of Algiers, is the only steel plant in Algeria. It produces 500,000 tonnes of steel per year.

Algeria aims at increasing local steel output to reach self-sufficiency, as it imports annually an average value of 10 billion U.S. dollars of steel. Endit