Magazine article New African

Georges Choucair: The Will of Steel

Magazine article New African

Georges Choucair: The Will of Steel

Article excerpt

At the time of going to press, the private investment group, K2L Capital, was gearing for the opening of the Aceria de Angola (ADA), the first mass-producing steel mill in the central and Southern African region. reGina Jane Jere caught up with the company's Chairman and CEO of K2L, Georges Choucair to find out more about the ambitious project.

Apart from its renowned oil and gas industry, the construction and infrastructure sectors are the other two fastest growing industries in Angola. A post-conflict Angola has witnessed one of Africa's largest housing and construction development surges, and as such the country is one of the biggest consumers of steel in the world today.

K2L capital, one of the largest private investment companies in central and western Africa, understands the need to fill the gap.

"I have been working in Angola for a while now and I know the market well, I started from importation and distribution of steel, but now we have decided to move to the production. We had this visionary idea back in 2009 and now our decision is coming into fruition and today we are at an advantage to supply and also at an advantage to show what Africans can do and produce when they invest in Africa," says Choucair, who is Senegalese.

Aceria de Angola (ADA) is an ambitious project which involves the construction of one of the most modern steel plants in Africa, which will produce 250,000 tons of steel per year in its first phase. ADA is a project approved by the President, Jose Eduardo dos Santos, and part of K2L's growing portfolio in the region as part of their commitment to building a better Africa and supporting Angola to diversify its economy in the midst of an oil crisis. All the current talk of political agitation and how that affects investor confidence, does not seem to faze the Senegalese businessman: "I am African and have been living in Angola for the past 23 years. Angola has given me a lot and it is one of the major economic players in central and Southern Africa today. Since the end of conflict, Angola has done a lot, some people say not enough ... We as investors in Angola, feel our investments are secure in the country. In 2013, the US State Department said itself that Angola is one of the top-most secure countries in the world. Angola is a big market and no one should question why we are investing in Angola."

In 2013/2014 the importation of steel rebars was around 300Kt; when in full production ADA will produce 300Kt of steel rebars annually. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.