The Russian steel group Metalloinvest Holding has announced that it is to create a joint venture with partners from the United Arab Emirates' (
UAE), for the
construction of a new
rebar plant in the country which is to be named Hamriyah Steel.
The new plant is to be located in the
UAE's Hamriyah free economic zone and will produce about one million mts of
rebar a year.
Billets necessary for the
production of
rebar will be supplied to the new plant from Metalloinvest subsidiary Ural Steel.
The
construction of the new plant will take about two years and cost Metalloinvest approximately (according to preliminary estimations) $156 million.
Metalloinvest has chosen the
UAE as the location for the new
rebar plant, because of its favorable investment climate and due to the high demand for
rebar in the
Middle East region.