In April 2008, UIC Board of Directors approved the investment of KD 12.5 million to acquire a 24.05% equity stake in the newly-founded Al Atoun Steel Industries Company (ASI) which is setting up a steel manufacturing venture in Yanbu Industrial City in the province of Mintaqat Al Madinah, Saudi Arabia.
The steel plant will roll out in three phases:
1) Steel billet and rebar factory
2) DRI production facility
3) Steel Wire production
The total project cost for all three phases is expected to be in the range of SR 3.5 – SR 4 billion and will be financed by both debt and equity.
ASI management has contracted some of the world’s leading companies to manage the technical and administrative requirements of the project with the aim of achieving the highest plant efficiency and full production capacity in the shortest possible time, while maintaining the highest quality standards.
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