Saudi Arabia’s Bena Steel Industries Co. and the UK’s Alderley Co. have agreed to cancel the Memorandum of Understanding (MoU) they previously signed, as announced in a statement to Tadawul. The termination of the MoU was due to the inability to reach an agreement, Bena Steel said.
Earlier this year, Bena Steel Industries extended its MoU with Alderley to advance energy transition initiatives in Saudi Arabia. Initially established in June of last year, the MoU aimed to enhance local capabilities, supply chains, and energy solutions to support Saudi Arabia’s global energy security efforts, including the exploration of cleaner technologies such as hydrogen.
Additionally, Bena Steel has also terminated the non-binding agreement to acquire a 40pct stake in Alderley FZE M24, Alderley’s subsidiary in Saudi Arabia. Alderley’s M24 facility, an advanced engineering center, is fully approved and equipped in Saudi Arabia. It is registered with Saudi Aramco for manufacturing and supplying critical assets used in production, including custody metering systems and modular wellsite skids.
Headquartered in Dammam, Bena Steel Industries commenced operations in 1993 as a coil service center. Over the years, it has emerged as the largest center for cut-to-length flat products and slitting of ferrous and non-ferrous coils in Saudi Arabia. The company has since expanded its operations to include steel fabrication, metal forming, and tube manufacturing.
