North Africas's largest iron and steel producer Libyan Iron and Steel Company (LISCO) has announced its intention to set up a new bar rolling mill with an annual production capacity of 800,000 mt.
The new rolling mill with a cost estimated at $260 million will allow LISCO to double its rebar production capacity up to 1.5 million mt per year and also to increase its output of long products and steel wire.
LISCO had several years ago stopped its rebar exports and began to import a part of its requirements from the world market, in response to the growing demand in the domestic market.
The company has already signed several contracts with a number of Italian companies for the construction of the bar rolling mill, which is scheduled to be completed within thirty months.
Moreover, LISCO has started the implementation of a development plan for some of its mills, directed towards boosting its overall annual production capacity of liquid steel up to 4.168 million mt from the current 1.324 million mt per year. Within the scope of this plan, LISCO has inked seven contracts with Italian, Chinese, Turkish and Bosnian companies.