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Libya exports 1st shipment of reinforcing steel to Algeria

The Chairman of the Libyan Iron and Steel Company (LISCO), Mohamed al-Faqih, announced Sunday, exporting the first shipment of reinforcing steel in years to Algeria.

In an official statement, Faqih considered this step to be a serious move towards enhancing the Libyan national economy.

Earlier this week, the company denied reducing the price of reinforcing steel. It explained that the price hike in recent months came as a result of additional charges on the company when buying dollars, rather than paying only the official price.

According to the statement, this prompted the company to raise the price by 20 percent. Before, the company was exempt from paying extra fees.

LISCO is one of the largest iron and steelmaking companies operating in North Africa. Based in Misurata, it is subsidized and owned by the Libyan government.

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