A joint venture between Qatar Steel and Algeria’s national steel and iron company Industrial Park Cedar will see a new USD$1.2 bn steel plant built and operational by 2017.
A MoU was signed between the two companies in 2013, and the announcement over the construction of the plant was made late last month. The plant will be built in the industrial Bellara zone in the Eastern Algerian Mediterranean port of Jijel and is expected to produce 2 million tonnes of steel and iron per year.
Both companies have stated the plant will increase production to five million tonnes annually under future expansion plans.
Cedar controls a 51 percent stake in the venture while Qatar Steel has the balance. Most steel will be used to fuel the domestic demand for steel and iron.
Zhejiang Yaang Pipe Industry Co., Limited