Proud Of Amir And Algerian President's Inauguration Of Algerian Qatari Steel Project: Official
Date
11/3/2022 4:19:28 AM
(MENAFN- The Peninsula) QNA
Algiers: Chairman of the Algerian Qatari Steel (AQS) Hocine Haddouche valued H H the Amir sheikh Tamim bin Hamad Al Thani and H E President of the People's Democratic Republic of Algeria Abdelmajid Tebboune's official inauguration of the company.
In an interview with Qatar News Agency (QNA), Haddouche said:“We are proud and appreciate H H the Amir and H E the Algerian President's official inauguration of the Algerian Qatari Steel. This is a great honor for the company and a reason for pride. It also emphasises the strong relations between the two brotherly countries, especially in the field of investment in Algeria.”
He underlined that AQS is considered one of the largest companies in the production of iron and steel in the Arab world, with investments estimated at more than $2bn, using the latest international technologies, adding that the company's production exceeded 2 million tons annually.
Haddouche noted that the company has started exporting its production to many countries in different continents of the world, stressing that the company is a model for Arab partnerships and investments within Algeria.
He pointed out that the company's factory is fully operational with more than 2,400 employees, and hundreds of indirect jobs. He added that the AQS is a 100 percent successful company economically and socially, and embodies the brotherhood and good relations between Qatar and Algeria; pointing to the memorandum of understanding signed last February to expand the company to a total production of 4 million tons annually.
Haddouche noted that the company's competition in the Algerian market with high-quality production had a positive impact. During the first half of this year, more than 70 percent of the company's production was sold within the local Algerian market.
He noted that the first goal of the company is to feed the local market and meet the demand in it, and then to export the surplus abroad.
The Algerian Qatari Steel (AQS) was established in 2013 with a capital of $2.1bn under joint ownership of Qatar, represented by Qatar International Steel Company, by 49 percent and Algeria by 51 percent.
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