ArcelorMittal gets funding to boost Algeria steel production

A subsidiary of steel-giant ArcelorMittal said Sunday it had reached a deal with a leading Algerian bank to increase production capabilities in the country. "The Banque Exterieure d'Algerie (BEA) and the Algerian subsidiary of leading world steel producer ArcelorMittal signed a financial strategic deal," APS news agency said, quoting a statement.
The deal will allow ArcelorMittal Annaba to gradually boost production to 1.4 million tonnes per year, it added. The firm currently produces just over one million tonnes a year. ArcelorMittal Annaba did not specify how much money was involved, but APS said negotiations between the two parties had centred on a 14 billion dinar (142 million euro, $190 million) line of credit.