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Nippon Steel to invest in UAE steel mill
Nippon Steel Corp, the world's No.4 steelmaker has agreed to acquire a 20 percent stake in Al Ghurair Iron & Steel (AGIS), a steelmaker in the UAE, for about 2 billion yen ($26 million) to tap growing demand for steel in the Middle East.
November 17, 2011 3:19 by Reuters
AGIS, part of the Al Ghurair Group, one of the biggest conglomerates in the emirates, makes hot-dip galvanised sheet steel.
AGIS is set to expand its production capacity to 450,000 tonnes per year from 250,000 tonnes within the next few years, and Nippon Steel plans to supply it with at least 200,000 tonnes per year of hot-rolled coil steel. ($1 = 76.950 Japanese Yen) (Reporting by Yuka Obayashi, Writing by Osamu Tsukimori; Editing by Michael Watson)