Al Yamamah Steel Industries Company announced the start of commercial operation of the first phase of the expansion of the Jeddah Pipe Factory during the current month of April.
In a statement today on Tadawul, the company expected that the financial impact of the expansion of the Jeddah Pipe Factory would be reflected on the company starting from the third quarter of the current fiscal year 2024.
According to data from Arqaam, the Board of Directors of Al Yamamah Steel Industries Company had approved, on February 8, 2021, the expansion of the production of the pipe factory in Jeddah and Dammam, at a cost of 33 million riyals, anticipating the start of commercial production of the project during the second quarter of 2022.
The company had indicated in its Board of Directors report for the year 2023 that it is expected to operate the first phase of the Jeddah Pipe Factory expansion during the second quarter of 2024.
