September 08, 2008

Sabic plans to triple steel output in Middle East by 2020

Reuters reported that Saudi Basic Industries Corp will almost triple steel output by 2020 but is not seeking steel acquisitions beyond its home region, despite a global consolidation wave.

Mr Mutlaq Al Morished CFO of SABIC in Hong Kong said that
"In every business we have, we are global. But in steel, we are really a regional company and we will stay in our region. We intend to grow in steel. We make about 6 million tonnes now and our strategy is to be making around 15 million tonnes to 17 million tonnes by 2020."