Dammam-based Bena Steel Industries Company has announced the launch of a new steel plant located in Riyadh.
In a filling at the Saudi bourse Tadawul on Tuesday, the manufacturer said the new steel plant is expected to cost approximately $6.6 million (SAR25 million), which will be self-financed in additional to loans from commercial banks.
The steel plant is expected to be completed in October 2025, when it will begin a pilot production phase lasting two months. Commercial production at the plant is expected to begin in January 2026.
A start date for the project has not yet been announced.
The closed joint stock company was founded in 1992 and produces sheets, plates, tape rolls, rods, skewers, angles, wires and clips, as well as pipes and hollow shapes of iron and steel. It also manufactures and installs fabricated steel structures for refineries, as well as cables and iron strips.
As of 2023, the company earned a net profit of $1.2 million (SAR4.8 million) and has an authorised capital value of $13.3 million (SAR50 million).