17
Aug
17:34
Welspun's Saudi pipe mill income plummets
Saudi Arabia-based Welspun Middle East Pipes Company saw revenue plummet -63% on-year in the fiscal year through March 2016 (FY16) to SAR 688.87 million ($183.67m), while net profit plunged -95% to SAR 10.24m.
The firm, 50.01% owned by India’s Welspun Corp., also saw income from scrap sales decline -34% in the twelve months to SAR 9.42m.
The Saudi pipemaker executed its first-ever export order in FY16 (see Kallanish 26 May).
Welspun foresees numerous…
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Anonymous
Very good overview of the weekly steel market.
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