Industries Qatar (IQ) announced that its steel segment associate, Foulath Holding, has received a non-binding offer for the acquisition of 100pct of its share capital, according to a stock exchange filing. Foulath, based in Bahrain, is 25pct owned by Qatar Steel, a wholly owned subsidiary of IQ.
The offer is subject to further due diligence, with more details to be disclosed once the process is completed, IQ stated.
Founded in 2008, Foulath Holding is an investment company focused on the sustainable growth of the steel industry in the GCC, the broader Middle East, and North Africa (MENA) region. It operates one of the largest fully integrated single-site steel complexes in the world, spanning 1.7 mln square meters, with port and jetty facilities. Foulath manages over USD 2.4 bln in assets through its subsidiaries, Bahrain Steel and Sulb, producing over 12 mln tons of high-quality iron ore pellets and more than 1 mln tons of structural steel annually.
Industries Qatar Q.P.S.C., established as a Qatari joint stock company on April 19, 2003, operates in three key segments: petrochemicals, fertilizers, and steel. Qatar Steel, a fully owned subsidiary of IQ, is part of the group’s significant investments in the steel industry. The group also includes three subsidiaries, Qatar Steel Company FZE, Qatar Steel Industrial Investment Company, and Qatar Steel Rebar Fabrication Facility, as well as three associates: Foulath Holding, Qatar Metals Coating Company, and Solb Steel.
