Al Rajhi Steel gets $196.5 million loan

18 May 2010

(MENAFN) A spokesman for Saudi Arabia-based Al Rajhi Steel Industries said that the company has obtained a $196.5 million bank loan to more than double its steel rebar production by the start of 2012, Reuters reported.

According to the officials, the Sharia-compliant loan, obtained from a local bank, will help finance the construction of a 1 million ton per year steel rebar plant in the Red Sea port city of Jeddah.

This will raise Al Rajhi Steel’s annual steel rebar production capacity to 1.8 million tons, a company spokesman said in a statement.

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