Korea’s Husteel enjoys surging Saudi Steel Pipe stock prices

Quick Summary:

The jump nearly doubled the value of Husteel’s 16.4% stake in SSP to some 200 billion won ($150.9 million) this year, similar to the South Korean company’s market capitalization of 232.1 billion won, according to industry sources in Seoul on Monday.Husteel invested only 1.2 billion won in SSP when it was established in 1980 to become its second-largest shareholder.

The pipe manufacturer bagged two deals worth 138.6 million riyal each on May 15 and Feb.6.KOREA’S NO.2 STEEL PIPE MAKERHusteel is South Korea’s second-largest steel pipe producer with an annual capacity of 1.1 million tons after SeAH Steel Corp., which manufactures 1.6 million tons a year.

South Korean Husteel Co.'s long-term investments in Saudi Steel Pipe Co.paid off as its share prices surged on deals with the kingdom’s energy giant Aramco.

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Article Details

Category: Economy

Markets: South Korea

Topics: Husteel’s Husteel Stake Deals Steel South Million Riyal Korean Year Pipe

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-26 @ 17:43:08 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 315 words

Reading Time: 2 minutes read

Sentences: 18 lines

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Copyright Owner: © Korea Economic Daily

News ID: 22255884

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