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Main Saudi Arabian built-in mill and lengthy steelmaker Al Ittefaq, a subsidiary of Al Tuwairqi Group, intends to hold out an preliminary public providing on the Saudi Inventory Trade, Tadawul.
The corporate will quickly signal a monetary consultancy settlement for the general public providing. Following regulatory necessities completion, the IPO is anticipated to happen within the first half of 2024, Kallanish learns from a supply near the corporate.
The producer exports rebar and wire rod to varied markets – most goes to neighbouring international locations – and was the primary steelmaker in Saudi Arabia to obtain sustainability certification (SCS) in Could 2021 from UK-based Cares.
Al Ittefaq is heard to have concluded a deal in the course of the second Saudi Worldwide Iron & Metal Convention held from 12-14 September in Riyadh to produce 15,000 tonnes of rebar to the Neom undertaking. Neom is the most important of Saudi Arabia’s new cities and has vital metal consumption potential. Work kicked off 4 months in the past.
Al Ittefaq Metal has a 1.45 million tonnes/yr direct decreased iron capability that feeds a 2m t/y electrical arc furnace-based billet capability. Its rolling functionality consists of two.5m t/y of rebar and wire rod. The steelmaker had deliberate to go public in 2008, however the international financial disaster scuppered the transfer.
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