Expansion & Development
In 2001, the Libyan government proposed several state-company projects for which joint ventures would be considered. This included a $20 million modification of Lisco’s electric arc furnace as well as construction and installation of a $17 million ladle furnace. The Government also promoted development of numerous mineral deposits, including clay, gypsum, iron, lead, salt, sodium carbonate, and stone. Additionally, projects were initiated for quarrying limestone and dolomite and manufacturing lime and calcined dolomite for Lisco’s As Seddadah facility, 125 km southwest of Misrata. In 2004, Lisco signed a loan contract to develop LISCO I aimed at boosting capacity from 674 kn (1,248 km/h) of liquid steel per year to 1.100 kn (2.037 km/h). This project is the first stage to raise capacity of LISCO I and II. In 2006, Lisco initiated an ambitious project aiming to double design capacity to 2.5 million tons by further developing facilities on the 4.5-square-mile (12 km2) plant near Misrata. Lisco signed a loan contract with one foreign partner, and the project was expected to be finalized in 2006. The Islamic Bank in Jeddah, Saudi Arabia, partially financed the project's cost, with Lisco supplying the remaining amount. On 2 April 2007, Lisco signed financing agreements with five Libyan banking institutions (Sahara Bank, Aljamhoria, Attejari, Alomma and Alwahda) for 840 million Libyan dinars ($650 million) to execute another phase of their expansion plan. Lending his support, Libya's Secretary of Minerals and Industry, Ali Yusuf Zikri, said the loan should help create new employment opportunities and meet increasing local demand.
Read more about this topic: Libyan Iron And Steel Company
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