Algeria sets $2bn for steel complex revamp
BOUMERDES, December 16, 2015
Algerian government is set to allocate $2 billion for the modernisation of its El Hadjar steel complex in Annaba and the National Industrial Vehicle Company (SNVI) at Rouiba.
Of this, $1 billion will be used for the SNVI revamp and the purchasing of equipment, reported the allafrica.com, citing Abdesslam Bouchaoureb, Minister of Industry and Mining for Boumerdes, a province of northern Algeria.
El-Hadjar steel complex was operating at only 10 per cent of its production, two years ago, said the minister during his working visit to Boumerdes, adding that the state 'has invested in the complex and decided its renationalisation.'
"The state released $1 billion for the modernisation of the steel complex, by the restoration of the blast furnace, which will be commissioned by March," he added.
