Aceria de Angola is the name of an ambitious US$300 million private steel project in Angola, funded by K2L Capital, which will produce 250kt of steel per year during its first phase, and ultimately will negate the need for Angola to import steel.

The project is part of K2L Capital’s growing portfolio of ventures in the region and has been approved by His Excellency José Eduardo dos Santos, President of the Republic of Angola.

K2L claims that the new steel plant will produce over 300kt of steel rebar when in full production, which is roughly how much Angola has been importing.

K2L’s remit is to build a better Africa and support Angola in its plan to diversify its economy in the midst of an oil crisis. The company’s chairman and CEO, Georges Choucair, described the ADA steel project as ‘part of the road to economic diversification’. He said it would bring a new and dynamic industry to Angola that was not related to oil and gas and would save US$200-300 in foreign currency reserve for the Angolan National Bank.

The ADA project represents the largest private investment in the region. It will create 600 direct jobs and 3,000 in-direct jobs.

The quality of the steel produced is certified by European and Western standards and is environmentally responsible, meeting all the requirements of the US, EU and World Bank, according to K2L.

“The economic, social and developmental aspect of this project is unparalleled, providing healthcare, education, water and hope for thousands while building new communities in an ongoing effort to make Angola self-sufficient,” a K2L spokesman said, adding that the community around the factory now has access to clean water, a training centre, health centre and electricity.