SAUDI ARABIA

NIC and Ferrostaal Set up Galvanized Wire Plant 

Saudi Arabia's National Industrialization Company (NIC) and Ferrostaal AG of West Germany have signed a preliminary agreement to set up a 50,000-ton/year joint-venture plant to manufacture galvanized wire for the local market and for export. The plant, which will cost an estimated SR165mn ($45.2mn), will be operated by a joint venture called ASLAK in which NIC will have a 30% equity interest, with the remaining...