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FinancialNews


  • 11-01-12

    ArcelorMittal gets funding for a steel project in Algeria

    (MENAFN) Indian steel giant ArcelorMittal Group received USD200 million loan from The External Bank of Algeria (BEA) to develop Al-Hadjar Steel Complex, in which it owns 70 percent, in Annaba province east of Algiers, KUNA reported. The step would put an end to a dispute between the Indian company and the Algerian government that risked shutting down the complex. Algerian Prime Minister Ahmad Ouyahia affirmed that his government would intervene to prevent a possible closure of the mega project. ArcelorMittal Group previously threatened to declare bankruptcy if it failed to obtain government funding.

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