RIYADH: UK-based steelmaker J.O. Steel Holdings will invest $865 million to build an integrated billet manufacturing plant in Saudi Arabia’s Ras Al-Khair Industrial City, according to a statement released by London Stock Exchange.
For the given investment, the firm has procured a $692 million credit facility from a consortium of banks led by the Saudi British Bank, along with $173 million in equity to be raised through convertible warrants.
The investment is in line with the Saudi government’s National Steel Strategy, which aims to expand Saudi flat steel production as a part of Vision 2030.
Belgian industrialist Javed Opgenhaffen holds 92 percent stake in J.O. Steel Holdings, and the company currently owns shares in various steel plants located in South Asia and Africa.
