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Article: Shadeed in talks with Emirates Steel.(Brief article)
- Article from:
- Saudi Economic Survey
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Abu Dhabi's Emirates Steel Industries is in talks to acquire Shadeed Iron & Steel in Oman with a deal expected to be signed by the end of November, a spokesman from Shadeed has said. 'There are talks going on right now but no final contract has been signed yet. We expect by the end of November a final deal will be signed,' the spokesman told the press, declining to comment on the value of the deal. Hussein Al Nowais, chairman of Emirates Steel, declined to comment.
The deal would be part of Emirates Steel's expansion plan to boost its production from 2 million tons to 6.5 million tons annually by 2013-2014 through capacity expansions and ...