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FINANCIAL NEWS
Saudi Steel’s 2009 output hits record high
27 Mar 2010
(MENAFN) The Chief Executive Officer at Saudi Steel Profile Co said that the company has achieved record production capacity utilization by manufacturing 143,815 tons of hot rolled sheets and pipes/tubes at its SSP1 plant in Jeddah in 2009, an increase of 121 percent, against 65,142 tons in 2006, Arab News reported.
The CEO said he hoped the company would be debt-free by the end of the year, adding that the company, a wholly owned subsidiary of Ahmed Salem Bugshan Group, is working to increase its combined plant capacity to one million tons per annum by 2013 from current 600,000 tons per annum. The company has three plants in Jeddah and two in Yemen. Its long-term goal is to be an $276 million company by 2015.
According to the CEO, Saudi Steel is already the largest in its segment of flat steel products such as angle bars, corrugated sheets, deco pipes, ERW pipes and tubes, expanded metal, flanges, flat bars, perforated sheets, studs and runners, steel sheets and steel plates.
SteelOrbis, an international body of steel manufacturers, has reported that Saudi Arabia’s welded-pipe market continued its upward movement in February. SteelOrbis gives the credit to increased prices for flat products and improving market demand.
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