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ArcelorMittal gets funding to boost Algeria steel production

The deal will allow ArcelorMittal Annaba to gradually boost production to 1.4 million tonnes per year.



Algiers: A subsidiary of steel-giant ArcelorMittal said Monday it had reached a deal with a leading Algerian bank to increase production capabilities in the country.

"The Banque Exterieure d'Algerie (BEA) and the Algerian subsidiary of leading world steel producer ArcelorMittal signed a financial strategic deal," a news agency said, quoting a statement.

The deal will allow ArcelorMittal Annaba to gradually boost production to 1.4 million tonnes per year, it added.

The firm currently produces just over one million tonnes a year.

ArcelorMittal Annaba did not specify how much money was involved, but APS said negotiations between the two parties had centred on a USD 190 million line of credit.

PTI

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