Metals

Emirates Steel agrees project financing and increases production

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Emirates Steel, the largest integrated steel producer in the UAE and a strategic steel player in the Middle East steel industry, recently signed a US$1.1bn, seven-year project financing agreement with a consortium of seven conventional banks and two Islamic finance institutions.

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Egypt to build 12 new steel mills

Egypt to build 12 new steel mills

Egypt's Ministry of Trade and Industry has announced it will offer 12 new steel mill licenses to meet rapidly increasing demand and to stave off an expected shortage by 2017.
The deadlines for the launch of the factory building licenses will be finalised by the beginning of next month, the ministry has said.

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Sohar Aluminium stake bought for US$400mn

The Abu Dhabi National Energy Company (TAQA), has signed an agreement to buy a 40 per cent stake in Sohar Aluminium Company (SAC) from the Abu Dhabi Water and Electricity Authority (ADWEA) for US$400mn. SAC produces 360,000 tonnes of aluminium per annum and also owns and operates a 1,000 MW combined cycle captive power plant. SAC is a joint venture between the Oman Oil Company, ADWEA and Rio Tinto Alcan.

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30 per cent rise in melt shop capacity for Qatar Steel

30 per cent rise in melt shop capacity for Qatar Steel

An agreement between Qatar Steel and engineering and plant-building firm, Siemens VAI, will see Qatar Steel's melt shop capacity go up by about 30 per cent following an ‘upgrade project’. The deal covers the supply and installation of core equipment required for the upgrade and the project will also take care of the emissions through a sophisticated ‘off-gas treatment system’.

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HADEED signs steel plant contract

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SAUDI BASIC INDUSTRIES Corporation (SABIC) announced that its manufacturing affiliate, Saudi Iron and Steel Company (HADEED), signed an agreement with the Italian company, Danieli, for the construction of a steel plant and a production line for galvanizing long products in Jubail, Saudi Arabia.

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