Saudi's SABIC plans to build two steel plants

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SABIC headquarters.

SABIC headquarters.

Saudi Basic Industries Corporation (SABIC) is planning to build two steel plants on Saudi Arabia's Gulf coast for its affiliate Hadeed.

One plant, in Jubail, would have processing capacity of 1.5 million tonnes a year and the other, in Rabigh, one million tonnes a year, SABIC said in a statement to the stock exchange.

The world's biggest petrochemical company and 70-percent owned by the state, SABIC said it has reached an agreement with the oil ministry for fuel to power the plants which it said would create 2,500 jobs. It did not give a start date.

SABIC, the world's biggest petrochemicals group, in April posted a 10 percent year-on-year fall in its first-quarter net profit.

SABIC said that its net income for the three months to March 31 was SR6.56bn ($1.75bn) compared to SR7.27bn in the same period last year. It cited lower production and sales volumes due to planned maintenance at the facilities of some affiliates.

However, SABIC also said first-quarter profit had risen from SR5.83bn in the fourth quarter of 2012. It cited higher sales prices of some products, which it did not name.

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