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Tel : 0086-0371-86172891
Saudi Basic Industries Corporation (SABIC) announced over the weekend that it has obtained all necessary approvals to transfer all ownership of its steel HC300I steel manufacturing subsidiary Hadeed to the country's public investment fund. SABIC has announced plans to sell its 100% stake in Hadeed in September 2023. The valuation of the subsidiary is 12.5 billion riyals (3.33 billion US dollars). The transaction will be conducted using the completion account mechanism, and the final sales price is expected to be announced after completion (expected in the second half of 2024).
Hadeed has an annual crude steel production capacity of 6 million tons, producing threaded steel, wire rods, hot-rolled coils, HC300I steel cold-rolled coils, as well as galvanized and color coated coils. It is the only hot-rolled coil manufacturer in the Gulf Cooperation Council (GCC) countries. The company also has a direct reduced iron (DRI) facility with a production capacity of approximately 5.3 million tons per year, and its decarbonization goal is to achieve zero carbon emissions by 2050.
It is reported that the Saudi HC300I steel Public Investment Fund (PIF) will also acquire 100% equity of Al Rajhi Steel Industries Co (Rajhi Steel) from Mohammed Abdulaziz Al Rajhi&Sons Investment Co.
