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Works of Bellara steel complex to be launched early March, announces Bouchouareb

 

ALGIERS-Minister of Industry and Mines Abdessalam Bouchouareb announced Sunday in Algiers the works for the implementation of Bellara steel complex (Jijel) will be launched early March on the occasion of Qatari Prime Minister’s visit to Algeria.

"The launch of works dor the implementation of the steel complex work Bellara will take place in the first ten days of March after the meeting of its Board of Directors on February 25," stressed Bouchaoureb at an Algerian-Qatari economic meeting, jointly chaired by the Qatari Deputy foreign Minister for International cooperation, Sheikh Mohamed Ben Abderrahmane Ben Jassem Al Thani.

At this meeting, the Board of Directors will decide on the capital increase of the joint company "Algérie Qatar Steel ", initially set at USD 10 million, the minister has further stated.

Besides, the same official said the project will create 3,000 direct and indirect jobs and allow meeting the needs of the domestic market in terms of steel.

The cost of implementing the Bellara steel complex is estimated at USD 2 billion. It will produce in a first step 2 million tonnes of steel per year as from 2017 while production should reach 5 million tonnes in 2019.

The capital of the complex will be 51% owned by the company Sider and national investment funds, and 49% by Qatar International, a joint venture between Qatar Steel and Qatar Mining companies.

The Bellara steel complex is the largest investment project between Algeria and Qatar.

APS Sunday, 15 February 2015

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