Riyadh – Mubasher: Low demand on steel will continue till 2018, Saudi Basic Industries Corp.'s (SABIC) executive vice president, Abdulaziz Al Humaid said.
Al Humaid expected that this low demand would reach 55%, noting that the company was not affected by the dumping in the local market, and it reduced its expenses by 10% on purpose to face the economic situation.
He added that 2017 will see price enhancement but the demand will be fluctuating, pointing that gulf steel companies have to adapt to find solutions through cutting their expenses.
The volume of production capacity of the metal unit in SABIC amounts to 6 million metric tonnes, Al Humaid said, according to Al Hayat Newspaper.
