Syria's Ministry of Economy and Industry has announced that it has signed an agreement with Saudi Arabia-based Ithraa to rehabilitate, modernize and operate the General Company for Iron and Steel Products in Hama, also known as the Hama steel plant. The agreement was signed on the sidelines of the 63rd Damascus International Fair and has a duration of 30 years.
Plant capacity to reach at least 750,000 mt
Under the agreement, new and modern production lines will be installed at the plant and its production capacity will be gradually increased within four years. The plant is expected to reach a minimum annual production capacity of 750,000 mt within four years.
According to the Syrian ministry, the investment is aimed at restoring industrial capacity, attracting investment and modernizing production through partnerships intended to support the development and competitiveness of the country's industrial sector.
