Austrian company upgrades Saudi Iron & Steel
According to recent news in the market, Austrian company V.A Engineering Technology Co will upgrade the plant of Saudi Iron & Steel Corp. The contract regarding the modernization of the plant has been concluded at €100 million ($119.8 million).
The plant has an annual flat
production capacity of 1 million tons. After the modernization project is completed, the
production capacity of the mill will increase to 2 million tons per annum.
It is stated that the capacity is being increased to meet surging iron and steel demand in domestic market.
The project is scheduled to be completed at the beginning of 2006.