GFH to set up $5b steel firm

New company to have 8m tonnes capacity yearly The Kingdom-based Islamic investment bank and its second largest company by market value, Gulf Finance House yesterday said it was setting up a $5 billion steel company with production facilities across the Middle East and North Africa region and Asia to cater to the spiraling demand for the construction material in the region. The steel maker, HadeedMENA would have an initial capacity of 8 million tonnes per year for the next four years, which will be enhanced to 12 million tonnes capacity in the future, serving 15 per cent of the total regional needs to become one of the key steel producers in the MENA region. The plans for the creation of regional steel giant come close on the heels of Gulf Finance House's $2 billion cement company, Cemena with multiple units across the Middle... [read full story]