Corrected: Safco & Hadeed to set up flat steel unit in Saudi

14 July 2008 10:42  [Source: ICIS news]

Correction: In the ICIS news story headlined "Safco & Hadeed to set up flat steel unit in Dubai" dated 14 July 2008, please read the headline as "...in Saudi" instead of  "...in Dubai". Also please read in the first paragraph ...in Saudi Arabia... instead of ...in Dubai.... A corrected story follows.

MUMBAI (ICIS news)--Saudi Arabian Fertilizer Co (Safco) and Saudi Iron and Steel Co (Hadeed) have signed an agreement to set up a 1.7m tonne/year flat steel production unit at Jubail Industrial city in Saudi Arabia, SABIC said on Monday.

The flat steel unit would be set up in four years and would be operated as an equal partnership between the two companies, it added. The cost of setting up the project was not disclosed.

Safco signed an agreement with Saudi Methanol Co (Ar-Razi), to provide gas used to produce methanol during the construction phase of the flat steel products facility, the company said.

The Ministry of Petroleum and Mineral Resources has allocated additional quantities of gas for this project, it added.

The company also said that Hadeed would construct a 500,000 tonne/year rebar (reinforcement bar) and wire rods production facility, for which it would utilise gas allocated to Safco's plant in Dammam.

Safco and Hadeed are affiliate companies of Saudi Basic Industries Corp’s (SABIC).

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By: Isha Jha
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