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Nov 16 2009

Danieli to build SABIC steel plant

DUBAI: Saudi Basic Industries Corp. (SABIC ) affiliate Hadeed said on Sunday it had signed a deal with Italian foundry equipment maker Danieli for the construction of a steel plant in Saudi Arabia. The plant would have a production capacity for steel billets of 1 million tons per year, Hadeed said in a statement posted on the Saudi bourse website.
The project would begin in the second half of 2012, the statement said. SABIC controls 100 percent of Hadeed . In August, Danieli was awarded the contract to build a SR800-million steel ($213.3 million) plant for Al-Rajhi Steel, one of Saudi Arabia's three largest steel companies.

© Arab News 2009

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