Steel Industry News
Saudi Steel achieves record production
Friday, 26, March 2010
The company has also repaid SR90 million debt to Saudi Hollandi Bank. Mohamed H. Zakaria, CEO and general manager of Saudi Steel, said he hoped the company would be debt-free by the end of the year, adding that the company, a wholly owned subsidiary of Ahmed Salem Bugshan Group, is working to increase its combined plant capacity to one million tons per annum by 2013 from current 600,000 tons per annum. The company has three plants in Jeddah and two in Yemen. Its long-term goal is to be an SR1-billion company by 2015.
According to Zakaria, Saudi Steel is already the largest in its segment of flat steel products such as angle bars, corrugated sheets, deco pipes, ERW pipes and tubes, expanded metal, flanges, flat bars, perforated sheets, studs and runners, steel sheets and steel plates.SteelOrbis, an international body of steel manufacturers, has reported that Saudi Arabia's welded-pipe market continued its upward movement in February.
