US-based global asset management company Gordon Brothers has lately announced the sale of a steel factory in the GCC that has never been used and can produce nearly two million metric tons per year. According to the release, the production facility is built to manufacture a variety of steel products, including hot rolled coils, cold rolled sheets, steel rods, structural beams, and rebar, for sectors such as automotive, construction, infrastructure, and manufacturing.
However, the firm that originally purchased from POSCO in 2007 intended to expand the seller's manufacturing capacity and begin production, but the 2008 financial crisis and the COVID-19 outbreak created delays, and in the end the company chose to sell due to economic problems.
Despite the long postponement period, the equipment has remained unused, created and maintained in accordance. The facility currently includes 10,200 cases of equipment weighing over 53,000 metric tons, all stored in accordance with OEM recommendations, and is available to buyers looking to enter the rolled steel market effortlessly.
“With this unutilised flat rolling steel output module, buyers can quickly enter the rolled steel market while avoiding the lengthy lead times and risks associated with commissioning new equipment,” stated Nicholas Schofield, senior director, commercial & industrial, at Gordon Brothers.