Armenian-American Company GTB Steel to Invest $70 Million in Steel Plant

GTB Steel LLC, an Armenian-American joint venture, plans to invest $30 million in the first phase and $40 million in the second phase to launch a steel plant, according to the Ministry of Economy of Armenia.

The plant is expected to create around 300 new jobs and will specialize in producing ferrous metals, including rebar and pipes.

The Armenian government has previously decided to provide the company with a loan of AMD 3.5 billion (approximately $9 million) at an annual interest rate of 8% for a period of 4 years.

The plant will be located on a 89.1 thousand square meter site in the Ararat community. Initial investments amount to about $29.9 million, with an expected annual turnover of $200-250 million.

American investors plan to invest a total of $70 million in the GTB Steel LLC project.

Earlier, BMG reported that the Armenian Statistical Committee published data on the metallurgical sector for the first half of 2024, revealing mixed results.

Copper concentrate production increased by 15% to 144.6 thousand tons, while zinc concentrate production grew by 20.8% to 5.3 thousand tons. However, molybdenum concentrate production decreased by 25.2% to 7.9 thousand tons, and ferro-molybdenum production dropped by 49.2% to 2.2 thousand tons. At the same time, steel pipe production rose by 26% to 10.9 thousand tons, whereas aluminum foil production fell by 28.1% to 9.8 thousand tons.