Watania Steel targets Tadawul listing by 2027

Kamal Ahmed Ismail, Co-founder and Managing Partner of Watania Steel Co.

Watania Steel Co. plans to begin fulfilling the requirements for listing on Tadawul in 2026, with the goal of completing the listing in 2027, Co-founder and Managing Partner Kamal Ismail told Argaam.

In an interview with Argaam on the sidelines of the 3rd Saudi International Iron and Steel Conference, Ismail said the company has increased its total production capacity to one million tons per year, following the commercial launch of its new plant in July 2025, which has a production capacity of 600,000 tons annually.

He explained that the new plant is designed to produce rebar with diameters ranging from 10 to 40 mm, smooth wire rods ranging from 5.5 to 16 mm, and rebar coils with diameters between 8 and 16 mm.

This expansion responds to the local market situation, which currently faces a surplus in rebar production. He emphasized that product diversification has become essential to enhance competitiveness and ensure operational sustainability.

The company will determine the production ratios of rebar, smooth wire rods, and rebar coils in 2026 based on market demand. Ismail noted that smooth wire rod has performed well since its launch, and the company is working to gradually increase its monthly output, aiming to reach full capacity in the second half of 2026.

Regarding export plans, Ismail said that all of the company’s products are currently sold within the local market. However, the expansion in production capacity will enable entry into new export markets.

The company already holds export licenses and is currently studying promising regional markets, most notably Syria, which is witnessing the start of reconstruction projects and benefits from easy land transport routes.

He added that rebar remains the company’s most in-demand product, followed by smooth wire rods and rebar coils. Current prices for rebar range between SAR 2,000 and SAR 2,050 per ton, while smooth wire rod prices range between SAR 2,150 and SAR 2,200 per ton.

On raw material challenges, Ismail explained that the local market is experiencing a shortage of scrap metal, prompting the company to explore alternative solutions to stabilize its supply chain.

These include importing scrap and using hot briquetted iron (HBI) mixed in specific proportions with scrap. He clarified that scrap would continue to make up the majority of the feedstock, with HBI used in smaller quantities, providing greater flexibility in sourcing, particularly given the limited local availability of scrap.

Earlier, in 2022, Jamil Alsaffaf, Co-founder and Managing Partner of Watania Steel, told Argaam that the company plans to list its shares on the Main Market (TASI) after expanding its production capacity, expecting the IPO to take place in 2024 at that time.