10,656.96 TRY BIST 100 BIST 100
34.94 EUR EUR EUR
32.19 USD USD USD
4.47 CNY CNY CNY
0.13 CNY CNY/EUR CNY/EUR
41.76 TRY Interest Interest
83.19 USD Fossil Oil Fossil Oil
31.59 USD Silver Silver
4.83 USD Copper Copper
121.33 USD Iron Ore Iron Ore
382.00 USD Ship Dismantling Ship Dismantling
2,432.61 TRY Gold (gr) Gold (gr)

Saudi PIF explores acquisition of rebar mill as investment

Saudi Arabia's PIF is reported considering a significant move into the steel industry by acquisition of a rebar mill.

Saudi PIF explores acquisition of rebar mill as investment

Saudi Arabia's Public Investment Fund (PIF) is reported considering a significant move into the steel industry by acquisition of a rebar mill.
The target company possesses a rebar mill in Riyadh, boasting an annual capacity of 350,000 tonnes, while also operating an electric arc furnace billet plant on the country's west coast with an capacity of 850,000 tonnes per year. This move by PIF showcases a potential strategic expansion into the steel sector, which could have notable implications for the region's industrial landscape.

Saudi Arabia's giga projects fall into two categories: those financed by PIF's $500 billion assets and those funded by the government. PIF aims to invest $1 trillion by 2025, highlighting a significant commitment to economic growth and development. Securing a local supply of rebar from PIF's owned entities makes sense, as it can help ensure a steady and reliable source of construction materials for the giga projects in Saudi Arabia. This strategy could contribute to the successful execution of these projects.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Rebar and wire rod prices increased in Poland

Tuesday, May 28, 2024

DISCO, commissioned limestone production unit

Tuesday, May 28, 2024

Stagnation in the rebar market and squeezed margins

Tuesday, May 28, 2024

“World Steel Recycling in Figures”

Tuesday, May 28, 2024

BIR World Recycling Conference is in full speed!

Tuesday, May 28, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now