Algeria awards $500mln steel deal to Chinese firm
The Algerian Investment Promotion Agency (AAPI) has awarded a land concession to Chinese steel conglomerate Jingdong Steel for a major steel project.
The agreement, signed on Monday, authorises the allocation of a 36-hectare plot within the industrial zone of Dhraâ El-Hadja in the Northern M'sila province for the construction of a advanced steel production plant with a capacity of 500,000 tonnes per year.
This investment—valued at $500 million-marks a pivotal development in Algeria's industrial landscape, positioning the country as a future hub for steel and pipe manufacturing in North Africa, AAPI said.
The plant will boast a total annual production of 500,000 tonnes, including 200,000 tonnes of steel plates and 300,000 tonnes of steel pipes of varying specifications, to be developed in two distinct phases.
Phase 1 will focus on establishing the production line for steel plates, while Phase 2 will witness the installation of a state-of-the-art unit for manufacturing steel pipes, essential for the construction, energy, and water infrastructure sectors.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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