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ArcelorMittal's Annaba (East) steel plant in Algeria has concluded a deal with Banque extérieur d’Algérie (BEA) for two US$600 million credit lines. The money will be spent on increasing the plant's capacity.
Algeria's steel imports bill currently stands at US$10 million and the country desperately wants to reduce it.
Currently the plant produces 300kt of steel, but after capacity expansion this figure will be boosted to 2.2Mt by 2017. In 2012 the plant managed to produce 580kt of steel.
The US$720 million expansion project will receive contributions of up to US$120 million each from ArcelorMittal and Sider Steel.