Al Yamamah Steel inks SAR 292 mln contracts to supply steel towers

04/01/2022 Argaam

Logo of Al Yamamah Steel Industries Co.

Al Yamamah Steel Industries Co. signed on Jan. 3, 2022, two contracts with Hyundai Engineering & Construction (E&C) at a total value of $77.8 million (SAR 292 million), according to a bourse filing.

 

Under the contracts, the company will provide steel towers for the construction of the power transmission lines, including a 380 kilovolt (KV) line between the new Afif substation and Mahd line, and a 500 KV line for Saudi-Egypt interconnection project.

 

Both contracts will extend for 12 months, and the relevant financial impact will appear as of Q4 2022 until Q4 2023.

 

The deal included no related parties, the statement added.

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