Algiers, November 07 (QNA) – Qatar and Algeria on Wednesday signed a Memorandum of Understanding (MoU) for establishing a steel factory with production capacity of 5 million tons per annum.
The steel factory will produce during its first phase 2 million tons, at an estimated investment cost of USD 2 billion as stipulated in the agreement.
Algeria’s state-run news agency (APS) said that the document was inked by Qatar’s Minister of Economy and Finance HE Yousuf Hussein Kamal and Algerian Minister of Industry, SME and Investment Promotion Mohamed Benmeradi.
Algeria, annually, spends USD 10 billion on its imports of steel, which is 20 per cent of its total imports’ cost. (QNA)