Italy's Danieli wins SR800m Saudi deal

Italian foundry equipment maker Danieli has been awarded a contract to build a steel plant in Saudi Arabia worth SR800 million (Dh783.5m), the firm's Saudi client Al Rajhi Steel said yesterday.

Al Rajhi Steel, one of Saudi Arabia's three largest steel firms, signed the deal with Danieli to build the one million tonne per year steel rebar plant on Thursday. The plant, which will be located in the Red Sea port city of Jeddah, will take 22 months to build and will start production in November 2011, it said.

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