QASCO announces updates on expansion projects

QASCO announces updates on expansion projects

Industries Qatar, the holding company for Qatar Steel Company announced updates on its current expansion projects. Chairman of Industries Qatar indicated that the Phase 1 of QASCO plant expansion, which will cost over QAR 2 billion ($549 million), will double the capacity by 2007. However, the chairman added that plans for QASCO Phase II expansion, which will cost over QAR 3 billion ($824 million), have not been completed yet, but the plant is expected to come on stream in 2010. QASCO has a 25 percent stake as an incorporating partner in the Bahrain-based United Stainless Steel Company, which will be operational in 2007. The QASCO PC Strands project, which will cost around QAR 110 million ($30.2 million), is expected to come on stream by the end of 2006. The plant will have an annual production capacity of 80,000 metric tons. The QASCO Steel Melt Shop Furnace plant, which is scheduled to come on stream in 2008, will have an annual production capacity of over 1 million tons. QASCO also announced plans to invest in mines in Latin America in an effort to secure raw material supply.