Armenian-American smelter to be relocated from Yeraskh to village of Ararat due to Azerbaijani fire

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14.12.2023, 18:13

The Armenian government allowed today an Armenian-U.S. company GTB Steel LLC that was building a smelter in the village of Yeraskh to relocate it to the Ararat village in the same name province.

Armenian-American smelter to be relocated from Yeraskh to village of Ararat due to Azerbaijani fire

YEREVAN, December 14. /ARKA/. The Armenian government allowed today an Armenian-U.S. company GTB Steel LLC that was building a smelter in the village of Yeraskh to relocate it to the Ararat village in the same name province.

The smelter came under regular fire from Azerbaijani military outposts located on a hill several hundred meters away in Nakhichevan exclave..The company will be provided with an area of 89,000 square meters to re-launch the construction.

The initial investments in the project reportedly amount to about $29.9 million. The joint company said it will create 500 jobs once the smelter is built. The annual turnover of the enterprise is said to amount to $200-250 mln.

"Currently, there is a high demand for rebar in the region, which is estimated to continue for another 10-15 years, driven by construction sector and a sharp decline in supply as a result of the Russian-Ukrainian war," according to the government.

According to earlier reports, the American investors were to invest $70 million in the project . Due to the fire by the Azerbaijani armed forces in June-August of this year, the construction of the plant was paralyzed. --0-

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