World's largest steelmaker ArcelorMittal and Sider, Algerian State-owned company have signed a strategic agreement on October 5 that includes an investment plan of $763 million for the steel complex at Annaba and the mines in Ouenza and Boukhadra, the company said in a statement on October 7.
The Lakshmi Mittal's company stated that the plan will see it reduce its shareholding in both ArcelorMittal Annaba and ArcelorMittal Tebessa to 49 per cent, with the State of Algeria holding the remaining share of 51 per cent.On September 29, ArcelorMittal had announced that it has finalised the agreement with Sider.