The Misrata-based Libyan Iron and Steel Company (LISCO) has now resumed most of its steel production a year after it suspended operations, meaning a return to work for many of its 6,500 employees.
Work has been going on since December to make essential repairs among the seven plants that were damaged by both shellfire and sabotage during the battle for Misrata.
State-owned LISCO, one of the largest steel companies in North Africa, was established in 1979 and has an annual production capacity of 1,324 million tons of liquid steel. The works has a dedicated port able to handle 2,000,000 tons of raw material annually, two steel melting shops and a power and desalination plant.
In its steel processes, LISCO uses imported iron ore pellets from Brazil, Canada and Sweden and domestic natural gas. Its major products include DRI or sponge iron, hot-briquetted iron (HBI), which is a compacted form of DRI, and reinforced steel and rods. HBI had been one of Libya’s principal exports since production commenced in 1997 at the LISCO II facility, accounting for over 50% of the company’s overseas sales. Before February 2011, over 60% of LISCO’s output was exported to Europe, other Middle Eastern countries and China.
In November, LISCO’s technical director Dr Mohamed Abdul Malik Elfighi was promoted to chairman of LISCO, taking over from Dr Muhammad Mahmoud Al-Fteissi who was appointed as industry minister in the transitional government.
In 2010, it was proposed to list ten percent of LISCO’s shares on the Libyan Stock market and Egyptian investment, EFG Hermes was mandated to handle the offer.
(Source: Libya Herald)