QATAR STEEL Denies Decision to Raise Stake in Saudi Iron and Steel Company

Doha, November 29 (QNA) - Qatar Steel Company announced that the news published in local newspapers, regarding the decision to raise its stake in South Steel Company Jazan industrial city KSA to 40%, is incorrect. According to a statement issued by Qatar Exchange on Tuesday, QE's management has contacted Qatar Industries Company inquiring clarification regarding the news published in local newspaper in regards to the decision of Qatar Steel to raise its stake in South Steel Company Jazan industrial city KSA from 30% to 40%. Qatar Industries Company stated that the news published in local newspapers is incorrect and was not initiated by Qatar Industries, adding that the current stake of Qatar Steel in the mentioned company is 20%. QATAR STEEL Company was formed in 1974 as the first integrated steel plant in the Arabian Gulf. Commercial production commenced in 1978 with the company becoming wholly owned by Industries Qatar in 2003. The Company also operates a UAE based subsidiary (Qatar Steel Company FZE), which was established in August 2003 to meet the growing demand for high-quality steel wire-rod products within the GCC as well as in international markets. The South Iron and Steel Company is a Saudi joint stock company closed owned by a number of Saudi investors and partners from the Gulf with a capital of 450 million riyals, and the total investment in the first stage to produce blocks of iron and steel 1400 million riyals, which is currently being implemented in Jazan Economic City. (QNA)