Saudi Basic Industries (SABIC) may cut steel prices and close some plants if supplies continue to over-accumulate, said Mohamed Al-Mady, chief executive of the company.
Prices have dropped to the point that some companies will not be able to generate profit, Al-Mady said in a press conference after the company posted its financial statements for fiscal year 2014 on Monday.
SABIC’s sales netback is defined according to the market, noted Al Mady, adding that the Saudi-based company either has to sell at a low price or suffer abundant inventory.
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