The Chief Executive Officer of Saudi Basic Industries (SABIC) Eng. Mohamed Al-Mady said the company had increased its production of iron by 9% over the past year. According to him, the construction sector is heavily dependent on iron and SABIC controls some 50% of the production in the local market.
SABIC is planning to expand its production capacity. "The company is currently seeking to establish a factory towards the end of 2011 with a capacity of one million tons in order to provide iron," he said. Al-Mady stressed that the entrance of SABIC to the iron industry is a "national duty", which aims at supporting the stability of the market.
The CEO of SABIC mentioned that the profits of last year amounted to SR21.6 billion.