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.
In its bid to compete with the US on AI, Europe could learn from both…
At the Global Facility for Transboundary Waters, when we speak with stakeholders about transboundary water management,…
Access to jobs is influenced by where people live and the conditions that surround them.…
The global economy is entering another period of heightened stress. Geopolitical tensions, policy uncertainty, climate…
Little is known about how firms think about rare macroeconomic disasters and how these beliefs…
Tariffs have returned as instruments of economic and geopolitical policy, but their short- and medium-run…