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18. January 2012

ArcelorMittal gets funding for a steel project in Algeria

KUNA reported that steel giant ArcelorMittal Group received USD 200 million loan from The External Bank of Algeria to develop Al Hadjar Steel Complex, in which it owns 70%, in Annaba province east of Algiers.

The step would put an end to a dispute between the Indian company and the Algerian government that risked shutting down the complex.

Algerian Prime Minister Mr Ahmad Ouyahia affirmed that his government would intervene to prevent a possible closure of the mega project.

ArcelorMittal Group previously threatened to declare bankruptcy if it failed to obtain government funding.



Sourced from KUNA

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