ArcelorMittal Projects, a part of the ArcelorMittal Group, has acquired the assets of a pipe and coating mill located at the Hamriyah Free Zone in Sharjah, said local reports on Tuesday, October 12.
ArcelorMittal Projects has also leased 1.38 million sq ft of industrial land in the zone, said the reports.
The entire transaction, to be concluded in two phases, has a price tag of AED90 million ($24.51 million), according to a social media post by the Hamriyah Free Zone Authority or HFZA.
A memorandum of understanding in this regard was signed by HFZA Director Saud Salim Al Mazrouei and ArcelorMittal Projects CEO Johannes De Schrijver, in the presence of senior officials from both sides.
According to the agreement, the company shall provide complete, customized, and sustainable steel solutions and services via three specialized and project-related business lines: Foundation Solutions, Solar Projects, and Energy Projects (anti-corrosion coating solutions), in addition to water transmission pipeline, and infrastructure (sleeves, construction).
Al Mazrouei was quoted by the local reports as saying that attracting ArcelorMittal Projects was a turning point in HFZA’s directions towards realizing the requirements of the UAE’s industrial strategy.
He added that it also reflected the authority’s commitment to be a key player in achieving Sharjah’s sustainable development.