The chairman of Algerian Qatari Steel (AQS), Hocine Haddouche, said he values His Highness the Amir Sheikh Tamim bin Hamad al-Thani and Algerian President Abdelmajid Tebboune’s official inauguration of the company.
In an interview with Qatar News Agency (QNA), Haddouche said: “We are proud and appreciate His Highness the Amir and the Algerian president’s official inauguration of Algerian Qatari Steel. This is a great honour for the company and a reason for pride. It also emphasises the strong relations between the two brotherly countries, especially in the field of investment in Algeria.”
He said AQS is considered one of the largest companies in the production of iron and steel in the Arab world, with investments estimated at more than $2bn, and using the latest international technologies. The company’s production exceeded 2mn tonnes annually, he said.
Haddouche noted that the company has started exporting to many countries on different continents of the world, stressing that AQS is a model for Arab partnerships and investments within Algeria. He said the company’s factory is fully operational with more than 2,400 employees and provides hundreds of indirect jobs.
AQS is a 100% successful company economically and socially, and embodies the brotherhood and good relations between Qatar and Algeria, he said, citing the memorandum of understanding (MoU) signed in February to expand the company to a total production of 4mn tonnes annually.
Haddouche noted that the company’s competition in the Algerian market with high-quality production had a positive impact. During the first half of 2022, more than 70% of the company’s production was sold within the Algerian market. He noted that the first goal of the company is to feed the local market and meet its demands and then export the surplus abroad.
AQS was established in 2013 with a capital of $2.1bn under the joint ownership of Qatar, represented by Qatar International Steel Company (49%) and Algeria (51%).
Hocine Haddouche.
