01
Feb
10:08
Saudi's Mabani Al Jazeera acquires Riyadh-based Absal Steel
Saudi building materials trading company Mabani Al Jazeera Holding Group (MAHG) has fully acquired Absal Steel in Riyadh in auction for SAR 28 million ($7.46m).
Absal Steel is a 10,000 tonnes/year capacity cut and bend facility in which Al Tuwairqi Group had a 50% stake. MAHG owns Jeddah-based Takween Metals Industries, which is involved in cut and bend, wire mesh production and cold drawing of steel bars, notes Kallanish.
"This acquisition marks a significa…
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Very good overview of the weekly steel market.
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