Saudi firm plans major steel billet plant

摘要

A newly-established Saudi Arabian company has announced plans to start up a 300 000-tonnes-per-annum steel billet plant before the end of 2011 Jo be located at Rabigh, the electric arc furnace-based facility will cover 20% of the country's deficit in the product, it is claimed. Family-owned Sulb National Co. expects a government stimulus plan coupled with the imminent launch of a mortgage law to spur steel demand growth after a relative lull during the global economic slowdown. The project will require US$ 67 million in investment, according to Chairman Faisal al Haddawi, and the company is seeking financing from banks and also from the state-run Saudi Industrial Development Fund (SIDF).