Rebar prices in the Gulf region witnessed an increase. Emirates Steel Arkan increased its price by AED 92/t ($25/t) to AED 2,689/t ($732/t) CPT Abu Dhabi and AED 2,696/t ($734/t) CPT Dubai, Sharjah and northern emirates. Bahrain’s Unirol raised offers by BHD 5/t ($13/t) to BHD 250/t ($662/t) EXW. Saudi Iron and Steel Company (Hadeed) …
The Saudi Basic Industries Corporation (SABIC), one of the largest petrochemical companies in the world, announced on Thursday that it had recorded a decline of about 17 percent in third-quarter revenues and a net loss. SABIC said in a disclosure that it recorded a net loss of 2.88 billion riyals ($768 million) during the three …
Saudi Arabia: “Hadeed” allocations cost “SABIC” 2.88 billion riyals Read More »
According to a statement on its website on Sunday, the Saudi Public Investment Fund announced a deal to launch a giant company for the iron and steel industry through its acquisition of the two largest iron companies in the Kingdom. According to two separate statements from the Public Investment Fund and the Saudi Basic Industries …
The Saudi Public Investment Fund acquires the two largest steel companies in the Kingdom Read More »
Arab Iron and Steel Union holds the sixth Economic Committee Meeting work in Dubai,United Arab Emirates, from 7-8 March, at the invitation of the Emirates Steel Arkan. Representatives of the following countries attended the Committee meeting, Algeria – Egypt -Kuwait – the United Arab Emirates – Saudi Arabia – Qatar – Bahrain – Tunisia – …
Arab Iron and Steel Union holds the Sixth Economic Committee meeting in the UAE Read More »
Saudi Basic Industries Company (SABIC) announced the financial results for the fiscal year ending on December 31, 2022. As it recorded profits amounting to 16.5 billion riyals, compared to 23.07 billion riyals for the fiscal year 2021, a decrease of 28.4 per cent. The decrease in net profit during this year compared to the previous …
Saudi Arabia: 16.5 billion riyals of “SABIC” profits in 2022 Read More »
Within the framework of the activities of the 15th Arab Steel Summit organized by the Arab Iron and Steel Union during the period from 7-8 November 2022 in Manama, the Kingdom of Bahrain, the Union honoured the companies participating in the International Iron and Steel Exhibition on the fiftieth anniversary of the establishment of the …
Honouring the companies participating in the International Iron and Steel Exhibition Read More »
Within the framework of the activities of the 15th Arab Steel Summit organized by the Arab Iron and Steel Union during the period from 7-8 November 2022 in the city of Manama in the Kingdom of Bahrain, the chairmen of the union were honored on the occasion of the fifty years since the founding of …
Honoring the chairmen of Arab Iron and Steel Union Read More »
SABIC participated as a strategic partner in the 2nd Saudi International Iron & Steel Conference 2022 in Riyadh from September 12 to 14 under the patronage of Bandar Al-Khorayef, Minister of Industry and Mineral Resources, and Khalid Al-Falih, Minister of Investment. During a workshop on the first day of the conference, the company highlighted its …
SABIC today reported its earnings for the second quarter of 2022. The company’s revenue for the second quarter reached SAR 55.98 ($ 14.93 billion), representing an increase of 6% compared to the previous quarter and a 32% increase year-on-year. Net income during the second quarter totaled SAR 7.93 billion [$ 2.11 billion]. This is higher …
SABIC announces profits of SAR 7.93 billion in Q2 of 2022 Read More »
Saudi Iron & Steel Company (SABIC Hadeed) issued official prices for longs, decreasing them by SAR 100/t ($26.7/t). The 12‑14 mm rebar will be available at SAR 2,750/t ($733/t) delivered, while 16‑32 mm rebar at SAR 2,700/t ($720/t) delivered. The new offers will be effective from August 1. The wire rod 6.5 mm and above …
Rebar prices decline in Saudi Arabia with the beginning of August Read More »
The increasing uncertainty in the semi-finished products sector – the billet – due to the lack of supply and the increase in international prices led to a review of rebar prices in the Kingdom of Saudi Arabia along with the local construction activity. As of March 1, SABIC Steel announced a price increase of 50 …
Rebar prices rise in Saudi Arabia with the rise of semi-finished products Read More »
SABIC affiliate Hadeed and The Red Sea Development Company (TRSDC) have signed a Memorandum of Understanding (MoU) to initiate discussions on the possibility of steel supplies and solutions for the Red Sea project and to set a framework for knowledge exchange. The MoU, signed at SABIC headquarters in Riyadh on November 14, reflects SABIC’s continued …
SABIC unveiled its global strategy towards carbon neutrality at the inaugural Saudi Green Initiative (SGI) Forum, which took place under the patronage of His Royal Highness Crown Prince Mohammed Bin Salman in Riyadh. With the theme “A new era of action: Oasis Alive”, the invitation-only event was attended by a high-level delegation from the company …
SABIC announces carbon neutrality strategy at “Green Saudi” initiative forum Read More »
Despite some signs of improvement in the demand and price situation, seen in H2, Saudi Iron & Steel Company (Hadeed SABIC), the key local steelmaker, was unable to reverse the negative trend in operational and financial figures. Like most GCC steel producers, The company recorded results in 2020 less than in 2019 due to the …
Hadeed SABIC posts weak results in 2020 due to Coronavirus Read More »
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 …
SABIC highlights its post-Covid-19 steel business strategy Read More »
Being supported by the rapid rise in raw materials tags around the world, Saudi Iron and Steel Company (Hadeed SABIC) increased official offers for January long steel products. The ongoing global upward trend will likely trigger another price revision shortly. Hadeed SABIC announced new prices for January longs sales, increasing them by SAR 200/t ($53/t). …
Saudi Arabia : Hadeed Sabic hikes rebar and wire rod prices Read More »
Saudi Basic Industries Corp (SABIC) 2010.SE, the world’s 4th-biggest petrochemicals firm, reported a 47% rise in third-quarter profit, beating estimates on higher sales and output, but warned it still faces price pressures for some time to come. SABIC reported a net profit of 1.09 billion riyals ($291 million) in the quarter that ended on September 30, …
Saudi Basic Industries Corp (2010.SE), the world’s fourth-biggest petrochemicals firm, reported a third straight quarterly loss on Thursday and said low oil prices and weak global growth meant the second half would likely be similar to the first. SABIC reported a net loss of 2.2 billion riyals ($586.6 million) in the second quarter on impairments …
SABIC posts third straight quarterly loss, forecasts more of the same in second half Read More »