20
Oct
15:29
Sabic to spin off Hadeed amid steel struggles
Saudi petrochemicals giant Sabic plans to spin off its fully-owned Saudi Iron and Steel Company (Hadeed) subsidiary into a separate company, according to reports quoting Sabic chief executive Yousef Abdullah Al-Benyan.
The move comes as Hadeed has struggled with reduced production and weaker financial performance due to a slump in steel prices and lower local demand resulting from reduced state spending. Moreover, imports have eaten away its share in the Sa…
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Anonymous
Very good overview of the weekly steel market.
Anonymous