SABIC highlights its post-Covid-19 steel business strategy
SABIC highlighted its post-Covid-19 steel business strategy and the challenges in the steel market during its participation at the virtual Middle East Iron and Steel Conference.
Addressing the conference, Salah Ahmed Al-Ansari, president of Hadeed, a fully-owned manufacturing affiliate of SABIC, said that the company took extra preventive measures across its facilities to ensure business continuity and a reliable supply to its customers in local and global markets. The company continued its export to the international destinations during the pandemic.
Al-Ansari said: “Diversifying the raw materials supply along with a strategic insight toward the production of differentiated value-added products is the main strategy to enhance our competitive advantage and maintain our leading position in the market. In addition, SABIC-Hadeed is driving its steel business strategy towards expanding its industry chain through upstream raw material integration.”
He also shared insights into the kingdom’s strategies during Covid-19 that made a positive impact on the steel industry. “The Saudi government announced financial packages to support the private sector and individuals during the pandemic and afterward, such as the postponement of the government fees and the focus on local content,” Al-Ansari said.
Through a virtual premium booth on the sidelines of the conference, the company showcased its metals products supplied under its brand through Hadeed.
The annual conference, which took place online due to the ongoing disruption caused by Covid-19, brings together the steel players from the worldwide.
It provided an opportunity for investors and manufacturers to hear from end-users about where current and future demand is coming from, assess the latest steelmaking technologies and find cost-effective solutions.
The conference discussed market updates into the trends impacting the Middle East steel industry and the outlook to 2021, the latest developments in steelmaking technologies and how they are driving operational effectiveness and greener steel.