Canadian court clears Hadeed

RIYADH,  22 August — Canadian judicial authorities have acquitted the Saudi Iron & Steel Company (Hadeed), a firm fully owned by Saudi Basic Industries Corporation (SABIC), from the charge that it dumped its products in Canadian markets, thus harming local producers. In its judgment, the Canadian International Commercial Court said Hadeed had not harmed the Canadian market or created any difficulties for the local industry. Established in 1979, Hadeed started production in 1983. Its new plant for producing steel sheets, with a capacity of 850,000 tons annually, began production last year.