Al Tuwairqi Group, Saudi Arabia's largest steel producer, has disclosed to SteelOrbis that it will construct a new rebar plant in Lebanon as a part of its diversification plans.
The new plant, with an annual capacity of 500,000 metric tons of rebar, will require $50 million in investments.
For the purpose of the plant's construction Al Tuwairqi will create a joint venture company with a local Lebanese partner.
Commenting on the location of the new plant, an Al Tuwairqi Group official pointed out that the company decided on Lebanon because of the huge demand for rebar due to the reconstruction of the country after last year's war. In addition, the introduction of export duty by the Egyptian government left Lebanon with almost no supplies of rebar.
Answering a question on Al Tuwairqi's future plans in the region, the company representative stated that they are currently considering the implementation of projects in other countries of the region.