Major Saudi Arabian integrated mill and long steelmaker Al Ittefaq, a subsidiary of Al Tuwairqi Group, intends to carry out an initial public offering on the Saudi Stock Exchange, Tadawul.

The company will soon sign a financial consultancy agreement for the public offering. Following regulatory requirements completion, the IPO is expected to take place in the first half of 2024, Kallanish learns from a source close to the company.

The producer exports rebar and wire rod to various markets – most goes to neighbouring countries – and was the first steelmaker in Saudi Arabia to receive sustainability certification (SCS) in May 2021 from UK-based Cares.

Al Ittefaq is heard to have concluded a deal during the second Saudi International Iron & Steel Conference held from 12-14 September in Riyadh to supply 15,000 tonnes of rebar to the Neom project. Neom is the largest of Saudi Arabia’s new cities and has significant steel consumption potential. Work kicked off four months ago.  

Al Ittefaq Steel has a 1.45 million tonnes/year direct reduced iron capacity that feeds a 2m t/y electric arc furnace-based billet capacity. Its rolling capability consists of 2.5m t/y of rebar and wire rod. The steelmaker had planned to go public in 2008, but the global economic crisis scuppered the move.