Saudi Arabia's largest steel producer Al-Tuwairqi Group of Companies has confirmed to SteelOrbis that it is creating a new joint venture steel company named ARAB STEEL.
The idea of the creation of the new joint venture steel company has been generated by Al-Tuwairqi's chairman Dr. Hilal Al-Tuwairqi and is aimed at the utilization of the plentiful available natural and human resources in all Arab countries.
Under the proposal, steel mills will be built in several Arab countries with the purpose of maximizing the utilization of all available resources in Arab countries. The new company, which will be headed by Dr. Al-Tuwairqi, will be specialized in the production of pellets, DRI, billets and slabs. The annual production capacity of ARAB STEEL is projected at 50 million metric tons.
Al-Tuwairqi have already signed six MoUs with private Arab parties and plans to discuss the same with its foreign partners in the next stage to exploit their experience and technology.
The creation of such a huge steel company is expected to generate plenty of employment opportunities and also to attract other heavy industries to follow this example.
In addition to ARAB STEEL, Al-Tuwairqi plans to set up a unique Arab University specializing in education for the iron and steel industry.