Riyadh — Mubasher: Molan Steel Company has signed a final settlement and clearance agreement with Yara International Limited to resolve an ongoing legal dispute.

Under the terms of the agreement, the company secured a reduction of SAR 1.05 million on its remaining settlement balance, which previously stood at SAR 7.88 million.

The revised agreement requires Molan Steel Products to pay a final amount of SAR 6.83 million within 10 business days. This accelerated payment replaces a previous installment schedule that was originally slated to conclude on 28 February 2027.

Upon successful payment within the specified timeframe, all litigation related to the purchase of the Mayar International Manufacturing sub-register will be terminated, and the promissory notes issued as guarantees will be canceled.

The company stated that if the payment is not completed within the 10-day window, the new agreement will be voided, and the original settlement terms will remain in effect.

The financial impact of the SAR 1.05 million reduction will be reflected in the company’s financial statements following review by the external auditor.

Molan Steel will issue a subsequent disclosure once the payment is finalized.