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FINANCIAL NEWS
ArcelorMittal gets funding for a steel project in Algeria
11 Jan 2012
(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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