Two companies inject $110 million in steel projects

Two Moroccan companies will inject $110 million (1.1 billion Dh) in two steel projects in Casablanca and Jorf Lasfar, 170 KM south of Rabat.

Sonasid, la Societe nationale de Siderurgie, will invest $60 million in a rolling mill that will produce 300,000 tons of iron rods per year. The unit to be operational by 2002 will generate 200 jobs.

The other company Maroc Tubes will inject $50 million in a steel sheets lamination unit that will have a yearly production capacity of 200,000 tons. The project to generate 400 jobs will be completed early next year.

The investment conventions between the two companies and the government were concluded in Rabat Thursday under the chairmanship of Premier Abderrahmane Youssoufi.