Armenian-American company to invest $70 million in smelter

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09.08.2024, 19:49

Armenian-American company GTB Steel LLC plans to invest $30 million in the first stage and $40 million in the second stage to launch a smelting plant in Armenia's Ararat region, the Economy Ministry said.

Armenian-American company to invest $70 million in smelter

YEREVAN, 9 August. /ARKA/. Armenian-American company GTB Steel LLC plans to invest $30 million in the first stage and $40 million in the second stage to launch a smelting plant in Armenia's Ararat region, the Economy Ministry said.

"About 300 new jobs will be created. The plant will specialise in the production of ferrous metals, including rebar and pipes," the ministry said.

Earlier, the Armenian government decided to grant GTB Steel a loan of AMD 3.5 billion with an interest rate of 8% per annum and a repayment period of 4 years.

A territory with a total area of 89,100 square metres was allocated for launching production in Ararat. The annual turnover of the enterprise will make $200-250 million.

The plant was moved from the village of Yeraskh in the same region due to shelling by Azerbaijani armed forces in June-August this year. --0--

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