Algeria: “Bellara” steel complex in Jijel set to be launched by mid-March 2015

Algerian Minister of industry and mines, Abdeslem Bouchaouareb, has revealed that the foundation stone of the “Bellara” iron and steel complex situated in Jijel, east of Algeria will be laid during the first half of March 2015 immediately after an assessment meeting of the company’s Board of Directors planned for the 25th of this month.

This major achievement comes in the framework of a joint venture project between Algeria and Qatari investors as part of the ever-increasing Algerian-Qatari exchanges and cooperation.

The launching of this most ambitious project will coincide with the Qatari Prime Minister’s official visit to Algeria scheduled for early March, he further noted.

Mr Bouchouareb made the announcement on the sidelines of a business meeting on Friday in Algiers with the visiting Qatari Assistant Foreign Minister for international cooperation, Sheikh Mohamed Ben Abderrahman bin Jassim Al-Thani adding that the project received the largest share of bilateral discussions between the two sides and will be launched immediately after a meeting of the board of directors of the company slated for late February.

At this planned meeting, the company’s Board of Directors will decide on the capital increase of the joint company “Algéria-Qatar Steel “, initially set at USD 10 million, the minister has further stated.

Besides, the same official said the project will help create 3,000 direct and indirect jobs and ensure the fulfillment of the needs of the domestic market in terms of iron and steel.

The cost of implementing the Bellara steel complex is estimated at USD 2 billion. It will produce in a first stage 2 million tons of steel per year as from 2017 while production is expected to reach 5 million tons in 2019.

The capital of the “Bellara” complex will be 51% owned by the company “Sider” and national investment funds, and 49% by “Qatar International”, a joint venture between Qatar Steel and Qatar Mining companies.

The Bellara steel complex is regarded as the largest investment project between Algeria and Qatar.