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Al Yamamah Steel to build SAR 260m plants

Al Yamamah Steel to build SAR 260m plants
The firm will finance the project through its internal sources
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Riyadh – Mubasher: Al Yamamah Steel Industries’ board of directors approved starting the construction of two plants with total investments of SAR 260 million.

The first plant will be for steel structure manufacturing related to solar power production, while the second facility will be for steel structure manufacturing related to wind power generation, according to a bourse filing.

The firm will finance the project through its internal sources, requesting funding from the Saudi Industrial Development Fund (SIDF), and local banks.

The Saudi steel company forecast that the engineering studies and funding schemes will be completed during the second quarter of 2018.

This project is considered part of its expansion plans in a bid to provide services for the electricity sector.

By 10:02 am KSA time, the stock rose 3.08% to SAR 25.75.