Riyadh – Mubasher: The board of directors of Al Yamamah Steel Industries Company approved raising the annual production capacity of Al Yamamah Pipes and Tubes Factories in Jeddah and Dammam to 360,000 tonnes from 276,000 tonnes.

The expansion will be implemented at a value of SAR 33 million and will be financed from the company's cash flows, according to a stock exchange statement on Tuesday.  

Expansion works will commence on 1 March 2021 and are expected to complete during the first quarter (Q1) of 2022.

The expansion will increase the company’s revenues, net profits, and market share, and will provide the required steel pipes for solar power projects.