Saudi Basic Industries Corporation (SABIC), one of the world's leading manufacturers of chemicals, fertilizers, plastics and metals, has announced plans to almost triple its steel output by 2020.
With regard to the expansion, SABIC has emphasized that it is not looking for acquisitions beyond its local region since it is a regional company with respect to the steel business.
In line with the expansion plans, the company's current production capacity of around six million metric tons will be increased to around 15-17 million metric tons by 2020.