20
Aug
10:32
Covid-19 restrictions slash APC's shipments, profitability
Arabian Pipes Company (APC) reported a -76% on-year decline in second-quarter revenue to SAR 45.4 million ($12.1m) and the firm turned to a net loss of SAR 18.8m versus a SAR 8.1m profit a year earlier.
Sales were affected by reduced deliveries on account of Covid-19 restrictions, such as lockdowns and reduced working hours. Production declined due a labour shortage caused by difficulties in obtaining permits, APC says. Moreover, there was a delay in receiving som…
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Very good overview of the weekly steel market.
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