Qatari EAF-based steelmaker Qatar Steel has announced that it has completed the acquisition of its direct competitor Al Qatari for QR 346 million ($95.02 million).
Accordingly, this acquisition will allow Qatar Steel to strengthen its market position and make it a leading supplier in the steel bar sector. Moreover, Al Qatari will create additional cost synergies and reduce the company’s dependency on import raw materials. In addition, Qatar Steel will be able to add several new products such as wire rod to its current portfolio.
The company also believes that this acquisition will open the door to new export markets for products such as wire rod and rebar-in-coil within the GCC and other regions.