S​audi Basic Industries (S​ABIC​) ​​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 generat​e​ 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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