Bena to set up SAR 25M steel plant in Riyadh

Bena Steel Industries Co.'s board of directors approved today, Aug. 20, the establishment of a steel manufacturing plant in Riyadh at a cost of about SAR 25 million.

The project commencement date and the executing party/counterparties will be announced later, the company said in a statement to Tadawul.

The project will be self-financed, in addition to financing from commercial banks.

The project is expected to be completed by October 2025. The company expects a positive impact from the project, which will be announced later. The expected impact of the project on financial statements will begin from January 2026.

Pilot production is expected to begin in October 2025, while commercial production will start in January 2026.

There are no related parties, the statement said.