Qatar Steel Increases Stake in South Steel to 29.74%
12/23/2011 - Qatar Steel’s Board of Directors has recently approved the company’s decision to increase its stake in South Steel of Saudi Arabia by additional 9%, to 29.74%.
Qatar Steel’s Board of Directors has recently approved the company’s decision to increase its stake in South Steel of Saudi Arabia by additional 9%, from 20.9% to 29.74%, representing an investment of QS 90 million Saudi Riyals.
South Steel, located in the Jazan Economic Area of Saudi Arabia, comprises an integrated steel melting complex with an annual capacity of 1 million tonnes of steel billets and 500,000 tonnes of reinforcement bars. South Steel is currently meeting the requirements of local Saudi markets, particularly in the South Area, with surplus production marketed to other areas inside Saudi Arabia and the neighboring markets of Yemen and Africa.
Qatar Steel is providing technical support to South Steel in all areas, including operations, production, administration, marketing and training. Qatar Steel’s competent and reliable marketing policy is based on distinguished customer service as well as the value-added advantage of being close to the GCC markets.
Mr. Ali Bin Hasan Al-Muraikhi, Director and General Manager of Qatar Steel noted that the Board’s decision to increase the company’s stake in South Steel will support its existing strategic partnership, boosting its solid cooperation with South Steel and further enhancing the existing relations between Qatar and Saudi Arabia.
Al-Muraikhi added that Qatar Steel has an ambitious strategy aimed at increasing its investments and expansions in iron and steel industry, to serve both the local and the Gulf markets. Qatar Steel now owns a steel plant in Jabal Ali in the UAE, producing reinforcement bars and rod wires. It has also some investments in Bahrain and looks forward to having more investments in other countries in the future.
Qatar Steel is a leading industrial company producing iron and steel in the Arabian Gulf with a strong reputation in local and world markets, due to its high-quality iron and steel products that conform completely to world standards and specifications.
