16 November 2009
DUBAI -- Saudi Basic Industries Corporation"s (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, which was quoted today by the Jeddah-based Arab News.
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.
DUBAI -- Saudi Basic Industries Corporation"s (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, which was quoted today by the Jeddah-based Arab News.
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.
© Saudi Press Agency 2009
