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Manama, June 03, 2012 – “Foulath”, a leading global steel investment vehicle and holding company and the world’s first fully integrated steel producer from pelletizing till final product including stainless steel facility constructed at a single site, announced that its Vice Chairman and Managing Director, Mr. Khalid Al-Qadeeri has been appointed Chairman of the Arab Iron and Steel Union (AISU).

The appointment of Mr. Al-Qadeeri was made on the occasion of the 104th meeting of the Union’s Board of Directors recently held in the Kingdom of Bahrain. The Arab Iron and Steel Union is the largest regional Arab conglomerate of Iron & Steel producers and users, comprising more than 80 companies from 16 Arab states.

Mr. Al-Qadeeri is an industry veteran with more than 30 years of experience in the regional and international steel industry. As Vice Chairman and Managing Director of Foulath, a dedicated investor from mine to metals, he has played an important role in the development of the steel industry across the regional markets.

“We are delighted to announce the appointment of Mr. Khalid Al-Qadeeri as Chairman of the Arab Iron and Steel Union for the forthcoming term, said Mr. Mohamed Laid Lachgar, Secretary General of AISU. Mr. Al-Qadeeri’s contributions to the industry over the past three decades will bring considerable benefits to the Union and our members as we work to meet the opportunities and challenges ahead of us.”

Mr. Al-Qadeeri, added: “I am deeply honoured by this appointment and the opportunity to assume the Chairmanship of the Union, which continues to play an important role in supporting the further development of the Arab world’s steel industry. I am especially pleased that this is an honour bestowed upon me by our peers. The Union is at the forefront of fostering dialogue on key issues impacting the industry – both on a regional and global level – and of launching initiatives to support the growth of its members. I look forward to working with the Union’s Secretary General and Board of Directors across the Arab world in the coming months.”

Foulath has under its umbrella, GIIC, SULB and USCO. GIIC is one of four merchant pelletizing plants in the world, USCO is the region’s first manufacturer of stainless steel, and SULB is the region’s only producer of light, medium and heavy sections and beams.

Foulath’s shareholders are Gulf Investment Corporation (GIC), Kuwait, which is the Company’s 50% shareholder and is owned equally by the six governments of the GCC. They also include Qatar Steel Company, Qatar, Mohammed Abdulmohsin Al-Kharafi & Sons Company, Kuwait, National Industries Holding Group, Kuwait and Kuwait Foundry Company, Kuwait.