They aim to tackle supply gap.
Saudi Arabia has completed a study about the optimal options to address the supply shortage in the domestic steel market, the Kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef has said.
Options involve manufacturing 7 steel and iron products, potentially opening up investment opportunities worth 60 billion Saudi riyals ($16 billion), Khorayef told a steel conference in Riyadh on Wednesday.
He explained that the sector has faced real challenges in recent years, mainly the surplus production of rebar products compared to local demand, limited production capacity for high-value products, and competition from imported products.
“The ministry is taking steps to restructure the sector to fill gaps, increase added value, and ensure the sustainability of supply chains,” he said.
“We have completed a study about the status of small factories that rely on induction furnaces to produce rebar, with the aim of increasing their efficiency and sustainability,” he added.
The Minister urged companies in the sector to cooperate in implementing strategic recommendations to keep pace with the updates and developments taking place in the steel sector.
International financial integration is often measured through national totals. Yet these totals can conceal very…
The 20th century shift from sterling to the dollar is often cited as evidence that…
The US trade deficit in goods unexpectedly widened in September as imports increased, suggesting that…
The countries of Europe and Central Asia (ECA) cannot afford to miss the opportunity that…
Counting the number of people living in extreme poverty — on less than $3 a…
Recent disruptions to global oil markets, from Russia’s invasion of Ukraine to the war in…