Production increase announced at recent Board meeting
Riyadh, Saudi Arabia (September 22, 2003): Metals customers in the Gulf region will soon benefit from an additional supply of iron bars from SABIC. Speaking at the Board meeting today, Prince Saud bin Thunayan Al-Saud, SABIC's Chairman, approved a project for HADEED, (Saudi Iron and Steel Company) to produce an additional 500,000 mt/y of iron bars. The Board has previously approved another project to increase capacity of the flat steel plant to 2 million mt/y.
Other agenda items discussed at the meeting included a review of the company's performance; enhancing competitiveness in the global market; and an assessment of the current expansion projects.
Mohamed Al-Mady, Vice Chairman and CEO of SABIC explained that the Board was pleased with SABIC's improved production and marketing activities; its profits; and the increasing technical activities. He reviewed progress of the new Global Enterprise System and pointed out that this project will enhance the integrated relationship between SABIC and its affiliates, and help to build long term relationships with SABIC's customers worldwide.
-Ends-
Mohammed Al-Motawa
General Manager, Corporate Communications
© Press Release 2005
