The Ministry of Commerce and Industry in Qatar announced the signing of an agreement between Qatar Steel and Bahrain Steel, worth $1.266 billion, covering 5 million metric tons over five years, which will enhance industrial cooperation between the two sides and strengthen the steel industry in the region.
The ministry stated in a statement that the agreement comes within the context of integrated industrial partnership agreements for sustainable economic development, noting that the agreements between the private sector in the member states aim to enhance bilateral cooperation in a range of sectors, including agriculture, food, fertilizers, medicines, textiles and clothing, chemicals, plastics, manufacturing products and metals.
It explained that this strategic partnership ensures a stable supply of basic raw materials for Qatar Steel operations, which enhances production efficiency and supports sustainable economic development in the region.
The Ministry expected that the agreement would generate new investment opportunities and enhance the competitiveness of the industrial sectors of both Qatar and Bahrain, and support regional efforts to develop strong local supply chains and achieve greater self-sufficiency in raw materials, which would contribute positively to national economies and market stability.
