Maadaniah issued a tender for the estimated $250 million project earlier this year. The proposals centre on the expansion of its quality and specialised steel product capacity, either through building a new facility or converting an existing one. The company produces 33,000 t/y of hex bolts, pellet nails, low-carbon bright and galvanised steel wire, round spring steel wire, welding wires, and high-carbon bright and hot dipped galvanised steel wire.
The company is 50 per cent-owned by the local National Industrialisation Company (NIC), which is undergoing a consolidation process. Since the purchase of a major share in the company by Prince Alwaleed bin Talal in 1996, NIC has focused on its core business activities in the industrial and petrochemicals sectors. However, the company aims to sell businesses at value and has set no deadline for the divestiture of non-core subsidiaries. It has about 25 businesses, which it plans to cut to about 10.