Saudi Arabia's SABIC to continue cost-cutting effort until end of 2016

摘要

Saudi Arabia's largest manufacturer of long and flat products Hadeed Saudi Iron and Steel Company (SABIC) is cutting expenses in order to stay competitive amid downward price trend in the global market. The company plans to reduce production expenditures by 30% by the end of 2016 by cutting staff, raw materials and contractor costs, Reuters reports. The reason behind the bold move is the company's pessimistic outlook for steel prices.