Qatar and Algeria sign articles of association for steel joint venture in Algeria

December 26, 2013 5:01 am

Mr. Ali Bin Hassan Al-Muraikhi, Chairman of Qatar Steel International, and Mr. Hasnawi Shaiboub, Chairman of Sidar Company, signed the Articles of Association for the Algerian Qatari Steel Company on December 19, 2013 in the capital of Algeria.

The signing ceremony was attended by a high ranking Qatari delegation, headed by H.E. Dr. Khalid Bin Mohamed Al-Attiyah, Minister of Foreign Affairs, H.E. Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry, and H.E. Mr. Ahmad Bin Mohamed Al-Sayed, CEO of Qatar Holding.

On the Algerian side, the signing ceremony was attended by Mr. Amara Bin Younes, Minister of Industrial Development and Investment. Ambassadors accredited in both Qatar and Algeria attended the event as well. The joint venture is scheduled to be registered in the first week of January 2014.

Qatar Steel International, equally owned by Qatar Steel Company and Qatar Mining, will hold 49% of the new company, while Algeria, represented by Sider Company and National Investment Fund, will hold a 51% stake, as per the Algerian Investment Law for 2009.

The new company will produce about 2 million metric tons per annum of steel re-bar and wire-rod. The engineering and construction works are expected to take approximately 4 years.