The new Bahrain steel plant under development by the Gulf United Steel Holding Company (also known as Foulath) is set to offer 1,700 jobs in Bahrain after opening in 2012.
About 65 percent of the new positions will be filled by Bahraini citizens, according to information recently given to AmCham (the American Chamber of Commerce in Bahrain) over lunch at the hotel Ritz-Carlton Bahrain.
Hisham Al Razzuqi, chairman of Foulath, spoke at the meeting informing AmCham members that Foulath has $1.4 billion invested in the new steel plant designed for the development of steel beams and sections.
Included in the plant are various elements like a melt shop, process of direct reduction and rolling mill. The Foulath plant should begin operations during the last six months of 2012.
Razzuqi was delivering an update on Foulath operations to the AmCham and stated that there were significant amounts invested throughout the value chain of steel that were allowing Foulath to cover all stages from mining to metal.
The chairman also noted that Foulath has risen to the top of the steel product producing market. The company is very competitive with a product range beginning at pellets and stretching to both heavy and medium sections of structural steel and beyond to stainless steel.
Razzuqi stated that first-rate subsidiaries are being developed and have been established in Bahrain where operations of a 1.3 million square meter fully integrated plant.
AmCham was also informed that Foulath is involved in the development of new expansive projects in Oman and Egypt.
Razzuqi added that Foulath has successfully transferred the technical wisdom and knowledge of those subsidiaries located in Bahrain, as well as the skills gathered from cooperating and being involved in joint investment projects with leading global players in the steel industry.
In order to continue on the course of success and to meet their current objectives, Foulath will keep looking for fresh and innovative approaches that will add value within the region’s steel industry, as well as the economic condition of the region as a whole.
Both independent investments and investments from global firms that have secured leading positions in their industry will help Foulath on this path.
Al Razzuqi noted that these actions will give Foulath the opportunity to be involved in attractive investments with other players in the rapidly growing Middle East markets while also continuing to develop first-rate projects in the area.Andrew Reid, Staff Writer, Gulf Jobs Market News