Saudi Iron and Steel Company stops exports
The Saudi Iron and Steel Company (Hadeed) will stop exports by the middle of 2004 in an attempt to focus on domestic demand and prevent the emergence of a black market there.
Ibrahim Al-Rashid, director general for commercial affairs, said the company would not sign any new export deals. “Hadeed’s prices are still lower compared to world prices,” the Arabic daily Al-Hayat quoted him as saying.
Hadeed's goal is to maintain the current iron prices, which have reached SR2,000 per ton, the paper added. Al-Rashid said his company hiked prices as a result of a rise in prices of raw materials.
© 2004 Mena Report (www.menareport.com)
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