Riyadh Steel secures short-term credit facility to boost working capital

Riyadh Steel Co. has signed a Shariah-compliant short-term credit facility agreement with Saudi Awwal Bank (SAB) valued at SAR 10 mln (USD 2.66 mln), according to a statement to Tadawul.

The one-year facility is secured by a promissory note in favor of the bank and will be used to finance the company's working capital.

Riyadh Steel has a total annual capacity of 220,000 tons of sheared scrap, 105,000 tons of billets, and 90,000 tons of angle and flat bars.

1 USD / 3.75 SAR