Negotiations relaunched to apply the 50-49 rule with ArcelorMittal Annaba

Negotiations between the Algeria company Cedar, owner of 30% of the shares of Arcelor Mittal in Hadjar, Annaba, eastern Algeria, together with the Ministry of Energy and Mines and the Council of State Contributions for mining, and government representatives and officials at the administration of the largest company for iron and steel across the world, which owner is the Indian businessman Lakshmi Mittal, owner of 70% of the shares of Hadjar compound, about the possibility of retreat from the terms of the first agreement of 2001, which has devoted the majority for the Indian giant, and the signing of a new partnership between the two parties based on the text of Rule 50/49, about partnership with foreigners.

This approach was reinforced because of the financial situation of the company that was experienced by Hadjar complex in Annaba, and the grave delay in the application of the investment program, which was underlined in the text of the partnership agreement, as well as recording low levels of production in 2012, with a rate of 573,320 tons, as these  negotiations had started a year and a half ago, after the failure of the Indian Mittal’s administration to reach a solution to the problem of the embodiment of the investment program which was underlined, and its resort to demand a large financial loan from the Algerian External Bank, which was discussed at the time at a high level, and after the intervention of Prime Minister Ahmed Ouyahia, who proposed to return to the norm with foreigners, before the financial obstacles and material difficulties that the foreign partner talked about.