ID :
15189
Thu, 08/07/2008 - 11:45
Auther :
Shortlink :
http://m.oananews.org//node/15189
The shortlink copeid
Al-Rajhi Steel to spend SR4 billion to double output
RIYADH, August 06, SPA -- Al-Rajhi Steel Industries, one of Saudi
Arabia’s three largest steel producers, said it plans to spend up to
SR4 billion ($1.07 billion) to more than double its production
capacity by as early as 2012.
The company, which accounts for about a fifth of steel and
by-products sales in the Kingdom, plans to start a 1 million ton
reinforced steel plant in Jeddah by early 2011, CEO Mehdi bin Nasser
Al-Qahtani told Reuters yesterday.
It also hopes to start production from a planned 1.8-million direct
reduced iron plant which will most likely be located in the Eastern
province toward the end of 2012 at the earliest, he added.
The two projects will cost between SR3.6 billion ($484.4 million)
and SR4 billion and increase the company’s overall production of
steel products to 4.6 million tons to cater for an expected rise in
domestic demand in the coming years.
Arabia’s three largest steel producers, said it plans to spend up to
SR4 billion ($1.07 billion) to more than double its production
capacity by as early as 2012.
The company, which accounts for about a fifth of steel and
by-products sales in the Kingdom, plans to start a 1 million ton
reinforced steel plant in Jeddah by early 2011, CEO Mehdi bin Nasser
Al-Qahtani told Reuters yesterday.
It also hopes to start production from a planned 1.8-million direct
reduced iron plant which will most likely be located in the Eastern
province toward the end of 2012 at the earliest, he added.
The two projects will cost between SR3.6 billion ($484.4 million)
and SR4 billion and increase the company’s overall production of
steel products to 4.6 million tons to cater for an expected rise in
domestic demand in the coming years.
