The Saudi SADIC sells the steelmaking division for $3,3 billion

The Saudi corporation Saudi Basic Industries (SADIC) will sell the steelmaking enterprise Saudi Iron and Steel Company (Hadeed) to the state investment fund Public Investment Fund (PIF). The amount of transaction will make about 12,5 billion riyals ($3,3 billion), it will be closed at the beginning of 2024. As specifies information agency "Reuters", the received means of SADIC businesses in petrochemical branch will spend for maintenance and development the. In 2023 company lost profits because of reduction of prices and visible demand for its production. For the solution of this problem the management of SADIC decided to sell assets, which not...