Iraqi Steel Plant Sold for $195m

By John Lee.

Jordan's Al Tanmiya Steel has completed the sale of its Iraqi steel operations for $195 million.

Al Tanmiya had full ownership of the Iraqi Al Anmaa for Construction Materials Production, which operates a steel plant (pictured) in Khor Al-Zubair, Basra.

Al Anmaa has been bought by Alghad Almutkamel for General Trading and Iron and Steel Metallic Industries.

According to a filing published by the Saudi stock exchange, Al Tanmiya is 65-percent owned by Saudi Arabian industrial conglomerate Astra Industrial Group (AIG), with  Al Maseera International owning the remaining 35 percent.

In 2010, Astra paid $61 million for a 51 percent stake in Al Tanmiya.

(Source: Saudi Stock Exchange)

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