KUNA reported that steel giant ArcelorMittal Group received USD 200 million loan from The External Bank of Algeria to develop Al Hadjar Steel Complex, in which it owns 70%, in Annaba province east of Algiers.

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 Mr 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.

(Sourced from KUNA)