(Ecofin Agency) - Algerian private conglomerate Cevital and Brazilian firm and world’s leading iron ore producer, Vale, have signed on March 4, a memorandum of understanding with the Pará Brazilian state for the construction of a steel complex, local press agency Pará reports.

Construction of the complex and its port should start in two years, the same source reveals.

In October 2015, Cevital said it planned to invest in the agro-food, steel and logistics industries in Pará, Brazil. The firm’s head, Issad Rebrab at the time mentioned the dismantling and transfer to Pará of his Italy-based steel plant.

Cevital is active in about ten sectors including agro-food, automobile distribution, glass industry, press, and house appliances. Its president Issad Rebrab is the only Algerian in Forbes’ 2016 world billionaires ranking, with a wealth of $3.1 billion.