Astra industrial: Electric melt shop in its Iraqi subsidiary is repaired:

Astra Industrial Group said that its Iraqi subsidiary, Al-Tanmiya for Steel Industries has successfully completed necessary repairs after a fire broke out in electric melt shop. The production started gradually as of April 23, 2014.

An estimated insurable amount of SAR 9m is to be reimbursed by the insurance company to Al-Tanmiya as a compensation for the costs of repairs and spare parts which were available in the company’s stock; Astra said in its filing to Tadawul today.

Astra expects that there will be no significant financial liability on the company as a result of the fire because it had enough stocks of steel billets which enabled it to continue operating the rolling line routinely during the repair period.

Astra Industrial Group announced earlier that production of steel billets in Al-Tanmiya for Steel Industries, stopped after a fire had erupted in an electric melt shop, as indicated by data compiled by Argaam.