19
Oct
14:57
Saudi Steel Pipe Q3 sales decline, bags orders
Saudi Steel Pipe (SSP) reported a -32% on-year decline in revenue in the third quarter to SAR 122.61 million ($32.7m). Net profit dropped -28% to SAR 5.77m due to decreased project-based deliveries and weaker domestic commercial pipe demand, the firm says.
The Saudi welded pipemaker also provided a SAR 2m provision for slow-moving and obsolete inventory in Q3. The profit decline was, however, partially offset by improved performance at subsidiary Global Pipe Com…
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Anonymous
Very good overview of the weekly steel market.
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