Armenian-American company to invest $70 million in smelter

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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./pp/pp

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

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./pp/pp

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./pp/pp

The plant was moved from the village of Yeraskh in the same regionnbsp;due to shelling by Azerbaijani armed forces in June-August this year. --0--/pp nbsp;/pp nbsp;/p