Saudi Arabia’s Al Yamamah Steel Industries is advancing its planned billet production project after its subsidiary, Al Yamamah Company for Reinforcing Steel Bars, signed a SAR 500 mln (USD 133.3 mln) Islamic credit facility with Arab National Bank to finance construction of the plant.
The seven-year facility was signed on August 24, with an order note provided as security. The company said the remaining procedures related to the facility will be completed successively.
The financing follows Al Yamamah Steel’s earlier appointment of Italy’s Danieli to manufacture, supply and install billet production equipment under a SAR 270 mln (USD 72 mln) contract.
Al Yamamah Steel specializes in the manufacturing and sale of a variety of products including welded tubes, sheets, rebars, and three-dimensional space structures, primarily serving the buildings and infrastructure sector. The company also produces galvanized steel lighting and distribution poles, high mast structures, and galvanized steel lattice towers for the electrical and distribution industry. Its production facilities are strategically located in Jeddah, Dammam, and Yanbu.
1 USD / 3.75 SAR