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.
First Published: Monday, April 2, 2012, 09:03