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FINANCIAL NEWS
Qatar Industries to embark on $4.6b expansion
07 Apr 2010
(MENAFN) The Chairman of Industries Qatar (IQ) said that the company is planning to invest $4.6 billion on its expansion as it aims to double the group sales in excess of $5.49 billion and increase net profit to $2.17 billion by 2014, QNA reported.
Industries Qatar, the holding company of Qatar Petrochemicals (Qapco), Qatar Fertilisers (Qafco), Qatar Fuel Additives (Qafac) and Qatar Steel, is expected to launch new products such as melamine, aqueous ammonia and flat steel products, the chairman said.
Starting this year, Qatar Steel will start works on a range of new facilities that will significantly increase the tonnage of billets and bars available for sale and widen the range of products to include galvanized wire, PC strands and coil, IQ said.
The company has been able to increase production capacity from 8.1 million tons (MT) in 2003 to 13.4MT in 2009.
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