GAC OKs Hadeed’s acquisition of Rajhi Steel

The General Authority for Competition (GAC) gave the go-ahead for economic concentration between Hadeed and Rajhi Steel.

The approval was made after reviewing Hadeed's request to fully acquire Rajhi Steel, GAC stated on its official X account, noting that the approval was based on the competitive assessment and analysis of the expected impacts on competition while taking into account the views of the relevant authorities.

The Public Investment Fund (PIF) signed a share purchase agreement (SPA) to acquire 100% of Hadeed from Saudi Basic Industries Corp. (SABIC) for SAR 12.5 billion, according to data available with Argaam.

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef said the PIF's takeover of Hadeed is a key step for the future of the iron and steel industry in the region. He added that it will lead to the establishment of the largest entity in iron industry in the Arab world with a capacity exceeding 7.5 million tons annually.

Source : Argaam