The Algerian government has approved the sale of a 49% stake in the state-owned El-Hadjar Iron & Steel Complex to United Arab Emirates-based steel and construction company Emarat Dzayer, the Algerian prime minister's office said late on Tuesday April 10.
The deal will include investment of more than 160 billion Algerian dinars ($1.39 billion) in new steel production at the El-Hadjar plant, located 20km from the north-eastern port of Annaba.The El-Hadjar complex has also restructured long-term debt exceeding 122 billion Algerian dinars and will benefit from additional financing worth 23 billion Algerian dinars to modernize the plant, the prime minister's office said.The El-Hadjar plant encountered production difficulties in 2017, including a coke shortage, but had restarted limited production of both flat steel...