Algeria recovers Hadjar complex

Algeria’s industry minister Abdesselam Bouchouareb Wednesday said Hadjar iron and steel complex shares were recovered by 100 percent. The three shareholders Arcelormittal Algeria, Ampta and Arcelormittal Annaba was restructured. All the shares were transferred to Algerian group Imetal.

The operation was conducted following a final agreement with no financial indemnity. The Indian operator will keep working in Algeria. The complex is expected to reach local self-sufficiency in terms of iron in 2017.

“Talks with the Indian partner started in June. An agreement to transfer its 49 percent shares to the Algerian partner was reached. A production capacity of 1.2 million tons is planned,” Bouchouareb told journalists.

He added that Arcelormittal did not fail but the planned goals are not the same. The new deal will develop the relation and not stop it. It is about recovering shares and not nationalizing them, according to the minister.

“We are living in international open economy. We are in partnership and the aim of the operation is not nationalization but to find a way to improve production capacities,” he said.

Speaking about the new deal, the minister said the complex will be restructured in December. The Algerian Exterior Bank offered a $1-billion-loan to modernize the complex.