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Article: Steel output to get tripled on demand.
- Article from:
- Oil & Gas News
- Article date:
- November 30, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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(Category: Sabic Review )
(Image: hadeed-sabic-steel.jpg )
SAUDI Basic Industries Corp's (Sabic) metals group will more than triple steel production capacity to 17 million tonnes by 2020 through acquisitions and the building of new plants.
Sabic's ambitious capex plans come despite a forecast of weakening demand for the steel industry in the fourth-quarter, on the back of the financial market turmoil, although Sabic Metals expects the market to pick up again in 2009, buoyed by a raft of infrastructure projects in the kingdom. "There will be some acquisitions and mergers. We are in the market for it," general manager Hisham Al Hamili says. Prior ...