Rajhi Steel to build $4bln steel complex; to IPO 50pc

RIYADH: Saudi-based Rajhi Steel plans to set up a 15 billion riyals ($4 billion) heavy steel complex in King Abdullah Economic City (KAEC) and will receive dry gas from Aramco, the state news agency said.

"The Saudi Ministry of Petroleum and Mineral Resources agreed lately to allocate 70 million cubic feet a day of dry gas to Rajhi Steel to build a heavy steel complex in King Abdullah Economic city," SPA said in a statement on Sunday.

The project, which will be 50 percent offered to the public through an initial public offering (IPO), will have a capital of 15 billion Saudi riyals, the statement said.