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.
Carbon pricing is widely regarded as an effective tool to reduce greenhouse gas emissions, yet…
Most policy debates on gender inequality focus on formal rules such as pay transparency, quotas,…
Business cycles in advanced economies are increasingly driven by global rather than domestic shocks. This…
How did Brexit impact the UK labour market? This column uses synthetic differences-in-differences to estimate…
Comparable international survey data on artificial intelligence adoption by firms is still lacking. This column…
Public debt is at or near record highs in many economies. This column argues that…