Industries Qatar (IQ), the parent company of Qatar Steel, has announced its approval of plans to acquire Al Qataria Steel, as stated in an exchange filing.
The filing highlights that IQ has granted preliminary approval for its fully owned subsidiary Qatar Steel to potentially acquire 100pct shares in Al Qataria for Production of Reinforcing Steel (Al-Qataria).
The completion of the transaction is contingent upon obtaining the necessary regulatory and other relevant approvals. Additional details regarding this acquisition will be disclosed in due course, the company said.
Al Qataria for Production of Reinforcing Steel is strategically situated in Qatar’s New Industrial Area. The company specializes in the production of rebar, ranging from 10mm to 32mm, with an annual capacity of 500,000 tons.
Qatar Steel, established in 1974 as the first integrated steel plant in the Arabian Gulf, began commercial production in 1978. In 2003, Industries Qatar (IQ) acquired full ownership of the company. The Qatari plant boasts an annual capacity of 2.4 mln tons for DRI/HBI production, 2.5 mln tons for billet production, and 1.5 mln tons for rebar production. Qatar Steel also operates a subsidiary, Qatar Steel Company FZE, based in the UAE, with an annual production capacity of 300,000 tons for rebar and 240,000 tons for wire rod.
