I wonder what a Country like Mauritania would need all that Steel for?

Qatar Steel says price freeze to hit revenue -paper

DUBAI, April 24 (Reuters) - State-controlled Industries Qatar's steel unit expects a decision to freeze prices in the second quarter will hit net revenues, the company's general manager said in remarks published on Thursday.

Qatar Steel may also tap debt markets in the next 12 months to raise at least $1.75 billion to finance a venture in Mauritania, daily Gulf Times reported, citing general manager Sheikh Nasser bin Hamad al-Thani.

Qatar Steel said on Wednesday it will fix prices until the end of June at between 3,250 riyals ($893.3) per tonne and 3,300 riyals per tonne, about 1,000 riyals less than the price in other Gulf Arab states. [ID:nL23184945]

Sheikh Nasser said the price freeze would have a "negative" impact on the company's net revenue, the paper reported, without providing a direct quote.

"We have fixed the second-quarter price because we felt that it was necessary to support the growth and development of the country," Sheikh Nasser said.

Qatar Steel's Mauritanian iron ore project was likely to cost $2.5 billion, almost 19 percent more than estimates in a feasibility study completed earlier this month, he added. [ID:nL1397663]

"The cost of the Mauritanian project is estimated at $2.5 billion," Sheikh Nasser said.

The project, being developed with Australia's Sphere Investments Ltd (SPH.AX SPH.AX

, 2.470, -0.010, -0.400%) and Mauritanian iron ore firm Societe Nationale Industrielle et Miniere, would be financed 70 percent through debt and 30 percent through equity, Sheikh Nasser said.

Sheikh Nasser was not immediately available for comment when contacted by Reuters.