Al Yamamah Steel Industries’ subsidiary, Al Yamamah Company for Reinforcing Steel Bars, signed a Shariah-compliant credit agreement worth SAR 500 million (approximately $133.3 million) with Arab National Bank to finance the planned steel billet production plant in Saudi Arabia.
The seven-year financing is secured by a promissory note, while the company stated that the funds will be used to establish the new plant. Details regarding the plant’s capacity and location have not yet been disclosed.
The company also signed a SAR 270 million contract with Italian steel equipment manufacturer Danieli in July for the supply of steel billet production equipment.
The new plant investment is expected to increase Al Yamamah’s steel billet production capacity and expand its production chain.
Yorumlar
Henüz yorum yapılmadı