German Investors to Provide $5m to Expand Steel Manufacturing Center Near Acre

West German investors will provide $5 million of a $12.19 million project to expand a steel manufacturing center in the Haifa Bay area near Acre, it was announced today. An agreement was signed yesterday in Hamburg between two German investors and Koor, Ltd., the Israeli industrial concern. The new steel center is expected to produce 170,000 tons of steel a year–Israel’s annual requirement–by 1975. Presently the plant produces only 40 percent of Israel’s consumption.

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