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Saudi-listed National Environmental Recycling Company (Tadweeer) announced the start-up of an iron production line to meet growing demand, the company said in a statement to the Saudi stock exchange.
The facility is one of the main projects within the company’s strategic plan to expand various types of mineral products to support a circular economy.
The new line has a production capacity of 120,00 tonnes annually, an addition to the company’s existing production capacity, which will increase market share in the recycling sector.
Tadweeer expects the new line to boost revenue by 100 million Saudi riyals ($26.66 million) in 2023 and SAR 160 million annually for the following years, the statement noted.
In January, the company signed an $11.36 million contract with Tebrak Trading and Contracting Company and Mounes Mohamed Alshayeb for Civil Construction to construct factories for recycling electronic, electrical and metal waste.
(Writing by D Madhura; Editing by Anoop Menon)
