Saudi Steel Pipe to partially shut down some furnaces

06/08/2017 Argaam

Saudi Steel Pipe Co. (SSP) will start partial shutdown at some of its furnaces in Riyadh from August 7, 2017, to cut operational costs, the company said in a bourse statement on Sunday.

 

The decision was made on the back of stock availability and low demand on pipes due to the slowdown in drainage projects.

 

The company will resume work at the units when activity returns to infrastructure projects.

 

Production capacity will drop by 10 percent to 15 percent from the total estimated capacity of 120,000 tons for this year.

 

Financial impact will be reflected starting from Q3 2017, the company added.

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