Arab News reported that Saudi Basic Industries Corp will build a new steel plant of 1 million tonne capacity at Jubail Industrial City by 2012.
Mr Muhammad Al-Mady CEO of SABIC said “I am sure that growing production will meet the increasing demand.”
SABIC ranks among the world’s top six petrochemical companies with 19 world class complexes in Saudi Arabia. Elsewhere, SABIC manufactures on a global scale in the Americas, Europe and Asia Pacific. SABIC’s overall production has increased from 35 million metric tons in 2001 to 59 million metric tons in 2009.
The company is among the world’s market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers. The Saudi government owns 70% of SABIC shares with the remaining 30% held by private investors in Saudi Arabia and other GCC countries.