BEA and ArcelorMittal Annaba sign a strategic funding agreement
The Banque Exterieur d'Algérie (BEA) and the Algerian subsidiary of the world's number one steel company, ArcelorMittal, signed a strategic funding agreement, it was learned on Sunday from the steelmaker, APS reports.
Source : https://www.marocafrik.com/english/BEA-and-Arcelor...
According to a statement sent to by ArcelorMittal Annaba-(AMA), "This financing agreement is a key to launch the development plan that will gradually (at ArcelorMittal Annaba) increase production capacity to 1.4 million tons ".
"The various developments will be considered a sustainable modernization of the production tool," the source added.
"After gathering all the required guarantees, I am pleased that this agreement, the result of exemplary cooperation between the BEA and ArcelorMittal Annaba,is a reality", its CEO Joe Kazadi said welcoming it in the statement.
The same source does not specify, however, the amount of funding which will be mobilized by the Algerian bank. But the agreement recognizes the negotiations between both parties on a credit line of 14 billion dinars.
In early March, the Board of ArcelorMitttal Algeria had validated an investment plan 2012-2017 for the complex of $ 200 million.
ArcelorMittal Annaba is the largest production unit of steel tubes in North Africa and the Algerian market with a production capacity of over one million tons per year.
It consists of a processing plant based in Annaba and two mines and Ouenza Bouakhadra. '' AMA'' has 6,000 employees, manufactures long products for construction and flat products for metallurgy.
The steel complex is owned 70% by ArcelorMittal and 30% by the Algerian public group Sider.
"The various developments will be considered a sustainable modernization of the production tool," the source added.
"After gathering all the required guarantees, I am pleased that this agreement, the result of exemplary cooperation between the BEA and ArcelorMittal Annaba,is a reality", its CEO Joe Kazadi said welcoming it in the statement.
The same source does not specify, however, the amount of funding which will be mobilized by the Algerian bank. But the agreement recognizes the negotiations between both parties on a credit line of 14 billion dinars.
In early March, the Board of ArcelorMitttal Algeria had validated an investment plan 2012-2017 for the complex of $ 200 million.
ArcelorMittal Annaba is the largest production unit of steel tubes in North Africa and the Algerian market with a production capacity of over one million tons per year.
It consists of a processing plant based in Annaba and two mines and Ouenza Bouakhadra. '' AMA'' has 6,000 employees, manufactures long products for construction and flat products for metallurgy.
The steel complex is owned 70% by ArcelorMittal and 30% by the Algerian public group Sider.
Source : https://www.marocafrik.com/english/BEA-and-Arcelor...