(MENAFN) Qatar International won a USD2 billion Algerian contract to set up, own and operate a steel plant in the North African country, reported Arabian Business citing APS news agency.
The company, a joint venture by Qatar Steel and Qatar Mining, expects the plant to help Algeria meet local demand and lessen steel imports, which cost the country around USD10 billion.
The plant, in which the Qatari firm will hold a 49-percent stake and Algeria's Sider the remainder, will be located in the Jijel province in eastern Algeria.
Construction works on the facility will begin next year, whereas production is expected to start from 2017 with an initial annual capacity of 2 million tons, which would be boosted to 5 million tons eventually.
It is worth noting that the final agreement will be inked in the first half of December.
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