Sabic affilate Hadeed signs agreement with Danieli

Sabic affilate Hadeed signs agreement with Danieli for construction of new steel plant. Saudi Basic Industries Corporation (Sabic) announced that its manufacturing affiliate, Saudi Iron and Steel Company (Hadeed), signed an agreement with the Italian company Danieli, on November 14 for the construction of a steel plant and a production line for galvanizing long products in Jubail, Saudi Arabia. Saudi Basic Industries Corporation (Sabic) ranks among the world's top five petrochemical companies. It operates in more than 40 countries with 33,000 employees worldwide. According to Danieli SpA, the steel plant contract it signed with Saudi Basic Industries Corp (SABIC) is worth $630 million. Construction of the plant, which will have a production capacity for steel billets of 1 million tonnes per year, will start in the second half of 2010.