(MENAFN) Industries Qatar announced a joint venture between Qatar and Algeria to set up a USD2 billion steel complex with an annual output capacity of 4 million metric tons, reported Arabian Business.
The company added that the joint venture, located in the North African country, will be 51-percent owned by Algeria's Sider and Fonds National D'investissement, whereas the remaining 49 percent will be owned by Qatar Steel International and Qatar Mining.
It said that the new company will be set up in a month, whereas the facility will be constructed in 42 months.
Meanwhile, the steel plant, which is projected to create over 1,000 direct jobs, will begin commercial output in 2017.
It is worth noting that phase one of the project will have an annual capacity of 1.5 million metric tons of re-bar and 500,000 metric tons of wire rod to meet the needs of the Algerian market.
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