Reportedly, Saudi Basic Industries Corporation (SABIC), the Gulf Cooperation Council's largest steel producer, will aim to increase its wire rod annual production capacity to 700,000 tons in the second quarter of this year.

Meanwhile, the new expansion project will be able to lift a billet and long product annual production capacity to 4 million tons.

The company’s wire rod capacity will expect to increase to 1.4 million tons per year. In the meantime, SABIC also has 2.2 million tpy of flat product capacity.