03
Aug
11:22
Saudi Steel Pipe posts sales decline, loss
Saudi Steel Pipe (SSP) posted a -3.6% on-year decline in revenue in the second quarter to SAR 156.29 million ($41.7m). The firm also turned to a net loss of SAR 36.8m versus a profit of SAR 7.69m in the year-earlier quarter.
The loss resulted from a SAR 21m impairment at the bending unit based on an evaluation study, SSP says. Other reasons were a net loss incurred by subsidiary TSM Arabia, and decreased income at associate Global Pipe Company. There w…
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Anonymous
Very good overview of the weekly steel market.
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