Qatari state-owned steel producer Qatar Steel has announced that its board of directors has recently given approval for the increase of the company's stake in South Steel of Saudi Arabia from 20.9 percent to 29.74 percent, at a cost of SAR 90 million ($24 million).
South Steel, located in Jazan Economic Area in Saudi Arabia, is currently meeting the requirements of local Saudi markets, and particularly the South Area. It consists of an integrated steel melting complex, with a capacity of 1 million mt of steel billets per year and 500,000 mt of steel reinforcement bars per year.