Saudi Steelmaker Said in Talks to Renegotiate $2 Billion Debt

  • Steel prices have tumbled globally amid a production glut
  • Co. expecting it won't be able to meet repayments: people

A worker cleans slag from an electric arc furnace in a steel making shop in Izhevsk, Russia.

Photographer: Andrey Rudakov/Bloomberg

Saudi Arabia’s Al Tuwairqi Group is restructuring 7.5 billion riyals ($2 billion) of debt at one of its steel units, according to three people familiar with the matter, as a global surplus puts pressure on manufacturers from China to Europe.

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