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MENAFN - Kuwait News Agency (KUNA) - 08/07/2012

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(MENAFN - Kuwait News Agency (KUNA)) Qatar will sign an agreement with Algeria to build a factory in the north African country to produce iron and steel.

The agreement will be signed by Algerian industry minister Mohammad bin Moradi and Qatari minister of economy and finance Yusuf Kamal who will arrive in Algeria tomorrow, a statement by the industry ministry said Friday.

The factory is expected to produce, in its initial phase, 2.5 million tons of steel every year, and would later produce five million tons of iron per year.

The value of the agreement was not mentioned.

Bin Moradi announced last October that Algeria and Qatar would be building such a factory in order to reduce Algiers' imports of iron and steel, estimated at USD 10 billion every year, or 20 percent of total imports.

 






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