Dow Jones reported that Saudi Arabia's Astra Industrial Group has submitted an initial offer to Al Maseera International Company to buy 51% of its Jordan based steel unit for SAR 225 million.

Astra said that this offer is conditional on the approval of Astra's shareholders who will be called for a meeting later for this purpose.

The statement said that Al Maseera's steel unit has a steel plant under construction in Iraq which will have an annual production capacity of 450,000 tonnes of steel billets and 350,000 tonnes of reinforcing steel. The plant is expected to start operations in the second quarter of 2010.

(Sourced from Dow Jones)