September 07, 2008

Hadeed production in Q1 surges by 38% YoY

Arab steel reported that production of the Saudi Iron and Steel Company during the first quarter of 2008 amounted to 1.342 million tonnes of long and flat products up by 38.2% YoY as against 0.971 million tonnes during the first quarter of 2007.

The volume of its sales during the first quarter of this year amounted to 1.381 million tonnes up by 24.5% YoY as against 1.027 million tonnes in the January to March 2007 quarter.

Its sales to the domestic market accounted for 93% of its total sales during the first quarter of long products while the sales of hot rolled products account for 50% of the total production which amounted to 524,392 tonnes during the first quarter of 2008, that is, up by 294% YoY.

Hadeed during this year increased the quantities of its production of cold rolled, galvanized and coated products because a major part of these products has been channeled to the domestic market, while the remaining quantities have been exported.