Hadeed signs several deals to expand capacity

Hadeed signs several deals to expand capacity

Hadeed (Saudi Iron and Steel Company) continued plans to up its production to better meet domestic and international demand, reportedly inking a deal with Italian Danieli and Saudi Dywidag Ltd to build a rebar and wire rod plant with an annual capacity of 500'000 tons. The current deal comes on the heels of recently signed agreements to build a 1.7 million ton direct reduced iron (DRI) plant. Hadeed negotiated with Saudi Voestalpine Company as well as Austria's Voestalpine Company and US Midrex Technology regarding the aforementioned deal. Moreover, Hadeed signed agreements with Saudi Voestalpine, Saudi Siemens Ltd and a consortium established by Austrian Voestalpine and German Siemens to construct a 1.4 million ton steel plant with an electrical furnace and a 1.2 million ton continuous steel casting facility. When these expansion projects are completed by the end of 2006, Hadeed's annual long and flat products capacity will increase from 4 million tons to 5.5 million tons.