The Ministry of Industry, Commerce and Tourism (MoICT) has recently signed an agreement with Bahrain Steel BSCC E.C. to rent a 360,000 square metre space in Salman Industrial City in Hidd to expand the Company's operations in the Kingdom.

This additional space will contribute to increasing the production capacity of the Company in order to meet the increasing demand for its products of high quality iron ore pellets used in the production of steel for the regional and global markets.

The agreement was signed by Ms. Eman Ahmed Al Dossari, Undersecretary of MoICT, and Mr. Bader Al Al Tamimi, Administrative Affairs Director General at Bahrain Steel.

Through this agreement, the Company intends to invest approximately BD15 million in the coming months to equip and reclaim the additional area, in addition to about BD12 to BD15 million to supply the equipment needed for iron ore handling in order to double production from 1.8 million tonnes to 4 million tonnes.

On the occasion, Ms. Al Dossari said the step reflects the Company's confidence in the investment environment in the Kingdom of Bahrain by signing an agreement to lease additional space, which will contribute to strengthening its operations, raising its exports and creating job opportunities, as Bahrain Steel is a strategic partner and an effective contributor to the domestic product of the non-oil industries in the Kingdom.

On his part, Mr. Dilip George, CEO of Bahrain Steel, said: "We are glad with the allocation of an additional land to Bahrain Steel Company to expand its production capacity, which is in dire need to increase economic movement. We also thank the Government of the Kingdom of Bahrain for creating a supportive environment for companies, including the exceptional support provided to companies in 2020 to mitigate the social and economic impact of the pandemic. Over the past three decades, Bahrain Steel has exported Bahrain-made products to all over the world, raised the flag of the Kingdom of Bahrain high, and trained hundreds of Bahraini recent graduates through career programmes, and we are proud of our contributions in the economy of the Kingdom of Bahrain."

Bahrain Steel, which is owned by Fulath Holding Company by 100 percent, is located on an area of 1.3 square kilometers in Salman Industrial City, with a total investment of around USD3.5 billion. Bahrain Steel currently employs 458 employees, about 57 percent of whom are Bahraini citizens. It is estimated that the companies under Fulath Holding contribute 4 percent to Bahrain's GDP and about 26 percent to Bahrain's non-oil exports​