Dammam-based Saudi Steel Pipe Co reshuffles senior board ranks

Steel-maker has appointed marketing manager Ahmed Al-Debasi as non-exec chairman following a board meeting

SSP has reshuffled its board officials.
SSP has reshuffled its board officials.

Building materials manufacturer Saudi Steel Pipe Company (SSP) has reshuffled its senior board ranks three months after it reported a near-1,000% fall in net profit for 2018, following impairment losses and reduced profitability in its titanium- and steel-making joint venture with Korea’s TSM Tech.

According to a statement on Tadawul, SSP has appointed Ahmed Al-Debasi – listed as the group’s marketing manager on its website – as non-executive chairman on the board.

Carlos Ferreyra, financial regional director for the Middle East and Africa at Luxembourg-based pipeline producer Tenaris – which completed its acquisition of a substantial stake in SSP this January – has been appointed vice chairman of the board.

Mariano Armengol Lamazares has been made managing director and chief executive officer, with Mousa Al-Mousa appointed board secretary.

The news comes three months after the engineering and construction steel supplier reported a net loss, after zakat and tax, of $45m (SAR168.7m) – a 983% decline compared to 2017, when it posted a net profit of $5m (SAR19m).

A $22.2m (SAR83.14m) loss by subsidiary TSM Arabia – a process equipment manufacturer established in 2011 between SSP (70%) and South Korea’s TSM Tech Company – was also cited as a factor behind the firm's losses in its missive to Tadawul.

Tenaris bought its 47% stake in SSP for $141m (SAR529.8m) earlier this year to expand its presence in Saudi Arabia, where it sells to industry giant Saudi Aramco.

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