12 Oct 2010
(MENAFN) The Vice Chairman of Foulath, Bahrain’s biggest steel firm, said that the company is planning to take over a Saudi rival by next month as it pushes on with an expansion effort, Reuters reported.
Foulath’s acquisition reflects its strategy to control every link in the steel supply chain, from iron ore mines to the output of finished products, all with a view towards lowering its costs of production in a continued down market, the official said.
Foulath’s cost advantage, reflecting the lower cost of energy and transport in the region, was applicable to other GCC-based steel producers, he said.
Foulath already controls 55 percent of the MENA market for steel pellets, a raw material used in steel mills, after starting up an expansion plant in January, he added.
The company plans to build additional pellet plants in Alexandria, Egypt, and in Salalah, Oman, in partnership with local investors, according to the official.
08 Jan 2025
Bank of Bahrain and Kuwait and Global Payment Services Deliver the First Advanced Fraud Prevention Solution for Wallet Provisioning in the Kingdom of Bahrain
26 Dec 2024
BBK proudly supports “Celebrate Bahrain” as a gold sponsor in cooperation with BTEA
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more