Algeria - Companies - Algeria's $298bn stimulus plan will boost consumption and demand

24/05/2013

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Algeria's $298bn stimulus plan will boost consumption and demand

Last Update: 26/06/2011 09:39:34
The Algerian government has pledged $298 billion worth of investments over five years, which is expected to boost steel demand and consumption in Algeria, according to Michel Cassou, chief marketing officer from ArcellorMittal Annaba.
The investment will be used to improve infrastructure, transport and housing in Algeria.
"the five year investment plan will have an impact on the whole economy. It will be driven mainly by state-owned companies. Private investors will benefit from this too", Cassou told delegates at the North African Steel conference in Casablanca, Morocco, June 7-8.
"The MENA (Middle East and North Africa) region is a positive area for growth in demand and consumption. GDP is forecasted to grow by an average 4.6% from 2013", he added.
Cassou told delegates that long products mainly rebar represented the largest product consumed by the local Algerian market.
"rebar represents 47-50% of total steel consumption in Algeria followed by tube which is 18-23% of consumption, flats equate to 15-17% and wire rod 9.5-10% of consumption," Cassou said.
"some rerollers in Algeria are at a standstill due to high scrap and billet costs. It's not worth their while to import billet to roll and sell as rebar at the current market price.
Source: Metal Bulletin

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