It is reported that Saudi Arabia intends to cancel a planned customs duty on steel of 5%o counter a deficit in domestic supply.
Mr Mohamed al Mady CEO of Saudi Basic Industries Corporation said on Sunday that “There is an intention to abolish the duty but it has not been enacted yet. Such decision can not be taken without consultations with other Gulf Arab countries.”
State controlled SABIC controls Hadeed, which covers about 62% of the kingdom's steel demand. SABIC is seen as the Saudi steel industry's bellwether because of its large production and its closeness to the government.