Qatar Steel buys 20% stake in South Steel

Qatar Steel Company has acquired 20% ownership in South Steel Company (Solb), a Saudi closed joint stock company owned by Saudi Pan Kingdom Company and other Saudi and GCC investors with a capital stock of SR450 million (US$119 million). The investments in the first phase, which is being executed at Jazan Economic City, for the production of steel blocks and steel bars, amount to SR1.4 million (US$372 million). Production is scheduled to commence by mid-2011 and will meet the shortage in the local markets. The markets of the Southern Province will be provided with their product requirements and the surplus will be sold in other KSA provinces as well as the markets of Yemen and other neighbouring African countries.(the end)New Balance