Qatar Steel Raises Stake in Saudi South Steel

Doha, December 21 (QNA) - Qatar Steel is raising its stake in Saudi Arabia s South Steel to 29.74 percent from the current 20.9 percent. Qatar Steel s Board of Directors has recently approved to increase the company s stake in South Steel by nine percent amounting to SR 90m. Director and General Manager of Qatar Steel Ali bin Hasan Al Muraikhi said that the decision of Board Directors to increase the company s stake in South Steel comes within the framework of supporting its existing strategic partnership, boosting its solid cooperation with South Steel and to further enhance the brotherly relations that exist between Qatar and Saudi Arabia. Al Muraikhi added that Qatar Steel has an ambitious strategy aiming 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. South Steel, located in Jazan Economic Zone in Saudi Arabia, consists of an integrated Steel melting complex, with a capacity of 1 million MTPA (million tonnes per annum) of steel billets and 500,000 MTPA of steel reinforcement bars, a company statement said yesterday. South Steel is currently meeting the requirements of local Saudi markets, and particularly the Southern areas. The surplus production is marketed to other areas inside Saudi Arabia and the neighboring markets of Yemen and Africa. Qatar Steel is providing all technical support to South Steel in all areas; operations, production, administration, marketing and training. Qatar Steel is a leading industrial company producing iron and steel in the Arabian Gulf. Today the company is proud of its outstanding reputation in local and world markets, due to its high quality products of iron and steel, which entirely conform to the world standards and specifications. Qatar Steel has adopted a competent and reliable marketing policy, based on distinguished customer service, and what gave her a value added advantage is being close to the GCC markets, enabling her to meet most of its requirements, in addition, of course, to those of the local market in Qatar. (QNA)