FINANCIAL NEWS

Bahrain inaugurates construction of $1.2b steel plant

27 Apr 2010

(MENAFN) United Steel Company (SULB) announced that it will start construction work at its $1.2 billion steel plant in Bahrain today, with a ceremony to be held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Deputy Supreme Commander, TradeArabia reported.

United Steel Company (SULB) is a joint venture between Bahrain-based Gulf United Steel Holding Company (Foulath) and Japan’s Yamato Kogyo Company. Last month, these two firm were warded the contracts to set up the $1.2 billion steel plant.

SULB Chairman, Khalid Al Qadeeri, said that commercial operations and the production of medium and heavy beams and structural sections would start by the second half of 2012.

The Engineering Procurement and Construction contracts were won by Japan’s Kobe Steel, and US-based Midrex. Midrex consists of three firms, which are SMS Meer, SMS Concast, Germany, and Samsung Engineering, Korea.

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