SAFECO and Hadeed, subsidiaries of Saudi Arabian manufacturer of chemicals, fertilizers, plastics and metals SABIC, have signed an agreement to form a 50:50 joint venture company for the construction of a new flats producing facility in Jubail Industrial City on Saudi Arabia's Gulf coast.
The new mill, which will have an annual production capacity of 1.7 million mt, is expected to be completed in four years.
In addition, Hadeed has stated that it will contract a rebar and wire rod production facility with an annual production capacity of 500,000 mt.