The Algerian-Qatari Steel Company (AQS) has signed commercial and strategic agreements worth more than USD 1.6 bln to boost its steel exports to over 40 African countries. The announcements were made during the 4th African Inter-Continental Trade Fair in Algiers.
The largest agreement, valued at USD 1.2 bln, was signed with Shelter Bank for Development and Investment in Africa. It will facilitate the use of AQS products in financing infrastructure and development projects across 40 African nations, marking a major step in the company’s continental expansion.
Alongside this, AQS signed four additional agreements totaling more than USD 420 mln. These include a USD 121 mln deal with Sahel Strategic Partnerships Ltd. to supply Nigeria, Equatorial Guinea, Burkina Faso, and Ghana; a USD 195.6 mln agreement with Unisteel Ltd. for various African markets; and a USD 103 mln contract with Al-Najah Leading Industrial Engineering Company to export to Libya.
The company said the new agreements underscore its ambition to strengthen its role in Africa’s steel industry, deepen regional economic cooperation, and contribute to the growth of non-hydrocarbon export revenues.
Founded in 2013, AQS is a joint venture between Qatar Steel International (49pct) and Algerian partners (51pct). It operates a 2.5 mln tons per year Midrex DRI plant, two electric arc furnace (EAF) melt shops with a combined capacity of 2.2 mln tons, and three rolling mills capable of producing up to 2 mln tons of rebar and wire rod annually.
