Jun 06 2011
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United Steel Company (SULB) Awards Civil Integration Package To Nass Contracting For Its $1.2 Billion Integrated Steel Complex
MANAMA, June 6, 2011 - United Steel Company ("SULB") BSC (c), a joint venture between Bahrain-based Gulf United Steel Holding Company (" Foulath ") BSC (c), the Middle East's leading steel investment vehicle and holding company (owning 51 percent of SULB), and Japan's Yamato Kogyo Co., Ltd, a leading global steel section producer (owning 49 percent of SULB), today announced that it has awarded Nass Contracting WLL ("Nass") with the Civil Integration Package for its $1.2 billion integrated steel project in the Kingdom of Bahrain. The SULB integrated steel plant is comprised of a Direct Reduced Iron Plant (DRI Plant) with nameplate capacity of 1.5 million tons per year (mtpy) and design capacity of 1.8 mtpy, a Melt Shop (MS) with nameplate capacity of 0.80 mtpy and design capacity of 1.2 mtpy, and a Heavy Section Rolling Mill (HSM) with nameplate capacity 0.60 mtpy and design capacity of 1.0 mtpy. SULB will be the Middle East's first fully integrated medium and heavy beams and structural steel sections producer and is expected to replace approximately 20 percent of the annual 4 million ton imports of these products into the region once fully operational in second half of 2012.
Nass Contracting is a leading Bahrain-based building and civil engineering contractor and the works included in the package encompass the construction of roads and pavements, lighting, storm water drainage, sewage treatment and potable water systems, gates/weigh bridges and non-process buildings for the SULB integrated steel plant, which is under construction on Foulath 's existing 1.3 million square meter state-of-the-art steel production complex located in Bahrain's Hidd Industrial Area. Foulath steel complex in Bahrain also consists of Gulf Industrial Investment Company's (GIIC) pelletizing plants and United Stainless Steel Company's (USCO) cold rolled stainless steel mill, both wholly owned subsidiaries of Foulath , which together with SULB, allow the company to operate across the entire steel value chain from iron ore to final product.
Representing the two parties at a signing ceremony, held at the Ritz Carlton Hotel in Bahrain, were Mr. Khalid Al-Qadeeri, Chairman & Managing Director of SULB, Mr. Hiroyuki Inoue, President of Yamato Steel Co. Ltd., Mr. Abdulla Ahmed Nass, Chairman of Nass, Mr. Sameer Abdulla Nass, Managing Director of Nass and Mr. David Anthony, General Manager of Nass.
Nass is expected to begin execution of the contract on August 1, 2011.
Not only will SULB help to lessen regional imports requirements for medium and heavy steel sections into the Middle East markets, the plant will also make a significant socio-economic contribution to the Kingdom of Bahrain, where it expects to employ approximately 1000 people, with a target of 70% Bahraini nationals.
Values and terms for the contracts awarded are confidential.
United Steel Company ("SULB") BSC (c) is a joint venture between Bahrain-based Gulf United Steel Holding Company (" Foulath "), the Middle East's leading steel investment and holding company, and Yamato Kogyo Co., Ltd of Japan, a leading global steel section producer. Foulath and Yamato Kogyo own 51 percent and 49 percent of SULB, respectively.
Established in 1963 by Abdulla Ahmed Nass, Nass Contracting , a Division of Nass Corporation, has a comprehensive performance history and undertakes a wide range of construction projects for both the public and private sectors and has made a major contribution to the development of Bahrain's commercial and industrial infrastructure. Nass Corporation is a public Joint Stock established in September 2005.
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