Qatar Steel, a wholly-owned subsidiary of Industries Qatar, increased its stake in South Steel of Saudi Arabia to 29.74 percent, the company said on Thursday, a nearly nine percentage point increase in ownership.
A statement issued by the company said it will be involved in most aspects of South Steel's business, including operations, production and administration.
Qatar, the world's largest exporter of liquefied natural gas, has been investing in other industries. Earlier this month, Qatar Steel secured a $250 million subordinated loan facility from two Gulf banks to finance expansion.
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