13
Apr
01:00
Saudi re-roller's Q1 profit plunges on-year due to local rebar oversupply
Saudi-based rebar re-roller United Wire Factories Co, also known as Aslak, posted a 54% year-on-year decrease in net profit in the first quarter to SAR 14 million ($3.7m). This was partly due to reduced rebar shipments owing to excess local supply, Kallanish learns from the firm.
In February Saudi Arabia lifted its seven-year ban on rebar exports after local rebar inventories surpassed 1m tonnes (see Kallanish 17 February). Following an array of steel mill e…
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Anonymous
Very good overview of the weekly steel market.
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