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