Algeria is solidifying its status as a strategic destination for foreign investors, with the announcement of a significant project by the Malaysian Lions Group. The group plans a massive $6 billion investment in the steel sector. Yesterday, President Abdelmadjid Tebboune met with the CEO of the group, Tan Sri Datuk Seri Utama William Cheng, to discuss this ambitious initiative.
This structuring project will unfold in two major phases. The first phase includes transferring a hot briquetted iron production unit from Malaysia to Algeria, with an annual capacity of 1.7 million tonnes. Additionally, this phase involves creating a flake production unit with a capacity of 4 million tonnes per year, with an initial investment of $3.7 billion.
The second phase will involve developing an aluminum alloy production unit and constructing a high-capacity power plant to ensure the project’s energy autonomy. Concurrently, Lions Group plans to invest in the development of industrial zones in the Boumerdès region, thus enhancing Algeria’s export potential.
This project also aims to add value to the iron ore extracted from the Gara Djebilet mine, located in the southwestern part of the country, marking a significant step in the development of Algeria’s mining and metallurgical industries. With the expected creation of 10,000 jobs, this partnership demonstrates Algeria’s ambition to become a key player in North Africa’s heavy industry while providing solid guarantees to international investors.
