Baghlaf Steel Company is one of the leading steel manufacturers in the Kingdom of Saudi Arabia. Founded in 1978, the company has evolved over the years and has become a leading supplier of steel products to customers both domestically and internationally. In this article, we will discuss the latest news regarding Baghlaf Steel Company.
In 2020, Baghlaf Steel Company announced plans to expand its presence in the Middle East and Africa by building new steel production plants in the region. The company plans to invest roughly $1 billion in these plants and aims to produce 5 million tons of steel per year by 2025.
In October 2021, Baghlaf Steel Company opened a new steel plant in Jeddah, Saudi Arabia. The plant has a capacity of 300,000 tons of production every year and produces long and flat products, including rebar, wire, and hot rolled coils.
In November 2021, Baghlaf Steel Company signed a memorandum of understanding with the Industrial and Commercial Bank of China (ICBC). The agreement involves credit facilities worth $500 million to finance the company’s ongoing expansion plans.
Baghlaf Steel Company has several other expansion plans in the pipeline, including the construction of a direct reduced iron (DRI) plant in Tabuk, Saudi Arabia, and two rolling mills in Jeddah. These new facilities will increase the company’s steel production capacity significantly.
Additionally, the company plans to expand its product portfolio and enter new markets. Baghlaf Steel Company is currently developing new steel products such as steel fibers and alloy steels to cater to diverse industry segments.
Baghlaf Steel Company’s latest developments demonstrate its commitment to expanding its reach both domestically and internationally. The company’s investment in state-of-the-art technology and expansion plans will allow it to stay ahead of the competition and continue to produce high-quality steel products for its customers. With ICBC’s support, Baghlaf Steel Company is likely to achieve its growth objectives and become an even more significant player in the steel industry.