Sabic to set up new steel plant by 2012

20 Apr 2010

(MENAFN) The Chief Executive Officer at the Saudi Basic Industries Corp. (Sabic) said that the industrial conglomerate will set up a new iron and steel plant in Jubail Industrial City by 2012, Arab News reported.

Sabic, which increased iron and steel production by seven percent, captured 62 percent of the local market in the first quarter of this year, according to the CEO.

He pointed out that Sabic had not made any big profit as a result of the increase in steel prices because of a rise in prices of raw materials. Prices had gone up by 35 percent to nearly $187 per ton, he added.

Sabic made a net profit of $1.45 billion in the first quarter of this year against the losses worth $259 million it suffered during the same period last year. The company’s first quarter profit last year amounted to $1.22 billion.

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