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Mergers & Acquisitions

Sabic to sell steel unit

by Alexander H. Tullo
September 9, 2023 | A version of this story appeared in Volume 101, Issue 30
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Coils of steel wire.
Credit: Sabic
Sabic's steel business is based in Jubail, Saudi Arabia.

Sabic has agreed to sell its steel business, Saudi Iron & Steel Co., nicknamed Hadeed, to Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, in a transaction that values the business at $3.3 billion. Hadeed had sales of about $4 billion in 2022, nearly 8% of Sabic’s total. And with the transaction, Sabic will be focused entirely on petrochemicals, plastics, fertilizers, and specialty chemicals. PIF is buying another Saudi steel company, Al Rajhi Steel Industries, and plans to merge the two to create a more competitive Saudi company.

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