Welcoming Mr. Al Muraikhi to the Board, Mr. Khalid Al Bassam, Chairman of Foulath, said: “Qatar Steel is not only a shareholder but also a strategic partner for Foulath, which has deepened ties with the company over the years through close techno-commercial cooperation. Moreover, Foulath’s investee companies, Bahrain Steel and Sulb, have strategic linkages with Qatar Steel, benefiting all partners.”

Bahrain Steel, a fully owned subsidiary of Foulath, is the region’s first and largest pelletizing plant, providing feedstock for steel producers in the region. Qatar Steel has also secured long term supplies of direct reduced iron (DRI) from Foulath’s subsidiary Sulb as feedstock for its steel plants in Qatar and Saudi Arabia.

Also commenting, Mr. Al Muraikhi thanked the Foulath Board and expressed confidence in the company’s future outlook. .”We are proud of Qatar Steel’s partnership with Foulath and the spirit of cooperation between the two groups. Qatar Steel technical experts, together with Sulb engineers and Yamato specialists, played a key role in quick ramp-up and stabilization of Sulb’s newly commissioned integrated steel facility in Bahrain. As Vice Chairman of the Board I look forward to continuing to work closely with all partners to achieve further development at growth across Foulath’s holdings.”

About Foulath
Established in June 2008 in the Kingdom of Bahrain,
Foulath Holding Company
(“Foulath”) is an investment vehicle and holding company dedicated to investing in the growth of the steel industry in the Gulf Cooperation Council (GCC) countries and broader Middle East and North Africa (MENA) region.

Through its investments across the entire steel value chain, Foulath is a market leader and is quickly moving towards becoming one of the world’s most competitive steel producers. It is also the world’s first fully integrated steel company with investments spanning the sector from “Mine to Metal”.

Its holdings, both outright and in partnership with leading global steel industry players include: Bahrain Steel, Bahrain (100% owned), United Stainless Steel Company (USCO), Bahrain (100% owned), Sulb Company (SULB), Bahrain (51% owned), and United Sulb Company (Saudi Sulb), Saudi Arabia. Through these subsidiaries the Company is the only manufacturer in the region that produces pellets, direct reduced iron, billets/ blooms, light/ medium/heavy sections and stainless steel coils/ sheets.

Foulath’s shareholders are among the region’s most reputable and committed investors, each with a long track record of investment in the regional steel and metals industry and other key economic sectors. Gulf Investment Corporation (GIC), Kuwait, which is owned equally by the six governments of the GCC owns 50%, Qatar Steel Company, Qatar owns 25%, Gulf Cable Company, Kuwait owns 10%, National Industries Holding Group, Kuwait owns 10%, Kuwait Foundry Company, Kuwait owns 5%.

© Press Release 2014

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