UK’s J.O. Steel Holdings to invest $865m in Saudi Arabia

RIYADH: UK-based steelmaker J.O. Steel Holdings will invest $865 million to build an integrated billet manufacturing plant in Saudi Arabia’s Ras Al-Khair Industrial City, according to a statement released by London Stock Exchange.

For the given investment, the firm has procured a $692 million credit facility from a consortium of banks led by the Saudi British Bank, along with $173 million in equity to be raised through convertible warrants.