Qatar and Algeria have signed a memorandum of understanding (MoU) for the construction of an iron and steel production facility in the industrial area of Bellara in the state of Jijel, Algeria, which will have a production capacity of 5 million tonnes per year, according to the Qatari newspaper Gulf Times. The MoU was signed by Qatar's Minister of Economy and Finance Yousef Hussein Kamal and Algeria's Minister of Industry Mohamed Benmeradi.

The plant will produce 2.5 million tonnes of long steel per year in the first phase, and upon completion of the second phase, will produce a total of 5 million tonnes of long, flat and specialty steel.

Shekh Hamad bin Khalifa al-Thani, ruler of Qatar, attached "special importance to the factory project which will produce and market steel in Algeria." Production will start within 30 months at most, the Qatari minister said.

The joint venture steel mill will be 49% owned by Qatar and 51% owned by Algeria in accordance with Algerian investment law.