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Al Yamamah Steel Industries Co. Announces the execution of the steel towers production project for Wind Power

Element ListExplanation
Introduction The company announced previously that work is underway to prepare the process to execute Al Yamamah Wind Power Systems Factory
Date of Board Resolution in Regard to the Project 2021-02-08 Corresponding to 1442-06-26
Project Start Date 2021-03-01
Project Cost About 293 million SAR
Financing method for the project equity (25% ), local banks (25%), and industrial fund 50%
Expected completion date of the project End of the fourth quarter of the financial year 2022
Expected Impact on the Company’s Financial Results Any developments as they become available will be disclosed inline with construction completion and signing of contracts to supply steel towers
Expected Date on Which the Impact on the Financial Results of the Company will Start During the third quarter of the financial year 2023
Expected Date for the Pilot Production of the Project to Begin During the first quarter of the financial year 2023
Duration of the pilot production of the project Three months, subject to extension
Expected date for the commercial production of the project During the third quarter of the financial year 2023
Executing Party/Counter Party in the Project/Contract Non
Related Parties Non
Additional Information The project has been approved to contribute in the local content in the execution of the wind power projects inline with the Kingdom's clean energy transformation plan through the ambitious 2030 vision

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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