At the fifth meeting of the Higher Committee of Regional Integrated Industrial Partnership for Sustainable Economic Development, the Ministry of Commerce and Industry in Qatar announced that Bahrain Steel and Qatar Steel have signed a $1.266 billion raw material supply agreement. According to the agreement, the objective is to boost the steel industry in the area and improve relations between Bahrain and Qatar by supplying 5 million mt of raw materials over five years.
Additionally, it is anticipated that the deal will stimulate growth in a wide range of industries, including metals, chemicals, plastics, clothing and textiles, fertilizers, pharmaceuticals, agriculture, food, and manufacturing.
Bahrain Steel, a GCC-based iron ore pelletizing firm, presently runs twin facilities with a combined capacity of 12 million mt of pellets. The company, which has invested approximately $3.5 billion, is a major participant in the region's steel industry. As a result of this collaboration, Bahrain is projected to ensure large and continuous demand, while Qatar Steel will have a reliable supply of essential raw materials, hence improving production efficiency and supporting long-term economic growth in the region.
