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Hadeed SABIC announces Q1 results

Steel News - Published on Thu, 16 May 2019

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Saudi Arabian Hadeed Saudi Iron & Steel Company SABIC has reported financial results for January-March 2019. In January-March 2019, the company posted an operating profit of SAR 47 million versus SAR 73.3 million a year earlier. At the same time, revenue inched down by 1.3% to SAR 3.3 billion

Tighter supply in the world’s iron ore market after disruptions at Vale’s assets boosted prices in the international market by 15% in Q1 compared to Q4 2018. Moreover, expectations of weaker pellet supply from Vale later this year forced steel producers to partially substitute pellet usage with costlier scrap, leading to an increase in production expenses.

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Posted By : Rabi Wangkhem on Thu, 16 May 2019
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