Italian company 'Danieli' to build SABIC steel plant

DUBAI, November 16, SPA -- Saudi Basic Industries Corporation's (SABIC) affiliate
'Hadeed' said on Sunday it had signed a deal with Italian foundry equipment maker
Danieli for the construction of a steel plant in Saudi Arabia.

The plant would have a production capacity for steel billets of 1 million tons per
year, Hadeed said in a statement posted on the Saudi bourse website, which was
quoted today by the Jeddah-based Arab
News.

The project would begin in the second half of 2012, the statement said.

SABIC controls 100 percent of Hadeed. In August, Danieli was awarded the contract
to build a SR800-million steel ($213.3 million) plant for Al-Rajhi Steel, one of
Saudi Arabia’s three largest steel companies.
--SPA 10:57 LO