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FINANCIAL NEWS
Qatar Steel buys more stake in Saudi South Steel
24 Dec 2011
(MENAFN) Qatar Steel, a subsidiary of Industries Qatar, bought nearly nine percent more shares in Saudi South Steel, increasing its stake to 29.74 percent, Reuters reported.
South Steel comprises of an integrated steel melting complex and has a production capacity of 1 million MTPA of steel billets and 500,000 MTPA of steel reinforcement bars.
The company said the deal will be involved in most aspects of South Steel’s business, including operations, production and administration.
Earlier this month, Qatar Steel secured a USD250 million subordinated loan facility from two Gulf banks to finance expansion plans.
Last year Qatar Steel inaugurated a USD5.7 billion aluminum plant, and currently has foreign investments in Bahrain, Saudi Arabia and the UAE.
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