27
Oct
00:00
Saudi Steel Pipe profit declines in Q3 on losses from affiliates, higher labour costs
Saudi Steel Pipe Company (SSP) has reported a 60% year-on-year decline in net profit in the third quarter to SAR 6.59 million ($1.76m). This was due primarily to losses incurred from its subsidiary Titanium and Steel Manufacturing Co. and affiliate Global Pipe Company, as well as increased labour costs, Kallanish learns from the company.
This figure was also down 15.6% from Q2 owing to a decrease in sales, particularly on small diameter pipes, typically seen…
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Anonymous
Very good overview of the weekly steel market.
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