Saudi Iron and Steel (Hadeed) stops exports

Saudi Iron and Steel (Hadeed) stops exports

According to recent news in the market, Saudi Iron and Steel Company (Hadeed) has decided to stop exports by the middle of this year to hinder shortage in the local market. In line with this, the company will not sign any export contracts. An official from Hadeed stated that, the prices of the company are still lower than international prices and the company is aiming to keep this level. Meanwhile, the company is planning to double its capacity of flat products by 2006. Accordingly, the company is aiming to sign a deal with Danieli and a joint venture of Voest SMS.