09
Nov
12:17
Hadeed cuts costs, sees price recovery in 2-4 years
Saudi Iron and Steel Co. (Hadeed) will continue cutting its costs until end-2016, as it does not expect global steel prices to recover for 2-4 years, according to Abdulaziz al-Humaid, executive vice-president for metals at parent company Sabic.
Since early 2015 Hadeed has cut costs by 20%, and it plans to expand that reduction to 30% by the end of 2016, al-Humaid says. Costs of manpower and materials, as well as contractors' charges, have been cut. "The…
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Anonymous
Very good overview of the weekly steel market.
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