The Privatisation and Investment Board – Central Branch (PIB), announced yesterday that a partnership agreement was signed to develop a Direct Reduction Plant (Direct Reduced Iron – DRI) between the Libyan Iron and Steel Company (LISCO) and the Italian Daniele Company.
In the iron and steel industry, direct reduction is a set of processes for obtaining iron from iron ore, by reducing iron oxides without melting the metal. The resulting product is pre-reduced iron ore.
The PIB said the agreement came as a continuation of previous meetings carried out under its supervision.
The PIB further said this agreement comes to support the Libyan economy and encourage foreign investment in the Libyan territory under its umbrella. This means that Daniele will be able to take advantage of the PIB’s investment laws which grants tax/customs duty concessions and rights to the repatriation of invested capital.
