The Algerian government and the steel giant ArcelorMittal have reached an agreement in principle to increase the production capacity of the steel complex of El Hajar to 2.2 million tons per year through investing one billion U. S. dollars, the APS news agency reported on Wednesday.
APS quoted a source at ArcelorMittal Algeria as saying that "A plan worth 1 billion dollars for increasing production to 2.2 million tons per year has been proposed and accepted by both parties."
The two sides have set up a working group tasked with the mission of drawing up a roadmap for the development of the steel complex of El Hajar, in Annaba province, 580 km eastern Algiers.
The source further specified that the investment amount set for El Hajar is lower than the 2.5 billion dollars earmarked for Bellara steel project in Jijel province in eastern Algeria, which will be built by Qatar International. Endi