AISCO to boost steel capacity

Arab Iron and Steel Corp. (AISCO) announced plans for a massive expansion to increase steel output to 1.5 million tonnes at a cost of $1.6 billion. AISCO aims to become a regional exporter that makes its own power. The proposed expansion is expected to be a qualitative and quantitative change in steel production, adding that the plant would use local liquefied natural gas (LNG) and import iron ore from India or South Africa instead of relying on local scrap. Funding for the expansion are said to come from firms, banks international institutions or investors that might join.NIke Dunk SB MID