Cevital Group, the industrial conglomerate wholly owned by Algeria’s richest man, Issad Rebrab, is looking to build a steel plant in Marabá, Pará, Brazil.
The Brazil-Arab news agency has reported that Cevital Group, the industrial conglomerate wholly owned by Algeria’s richest man, Issad Rebrab, is looking to build a steel plant in Marabá, Pará, Brazil.
Rebrab made this known during a meeting with Brazilian president Michel Temer in Brasilia on Tuesday.
“We have decided to build a steel complex with an initial capacity for 300,500 tons of steel,” Rebrab said to journalists over the phone after meeting with Temer. Rebrab said that Cevital already owns one of the largest steel mills in Italy and as a result it already possesses the requisite knowledge it needs to operate in the industry. The Algerian billionaire said that Cevital decided to establish the plant in Marabá to ensure easy access to iron ore produced by mining giant Vale out of Carajás, another locality in Pará.
Construction on the steel plant is expected to take three years and once the plant is up and running, an estimated 2,500 direct jobs will be created. The plant will also help boost Marabá’s economy and add value to ore extracted in the state of Pará.
Rebrab, 72, has a current net worth of $3.3 billion according to FORBES. He is the founder of Cevital, Algeria’s largest private company. Cevital has business interests in electronics and steel, but it is particularly big in sugar. The company owns one of the largest sugar refineries in the world, with an annual output of 1.5 million tons; it also produces vegetable oil and margarine.
Source: Algeria’s Richest Man To Build Steel Plant In Brazil
