Prime Highlights:
- Saudi Arabia announces a national company to import scrap metal, aiming to strengthen the steel industry and reduce dependence on imports.
- The initiative supports Vision 2030 goals, focusing on boosting local manufacturing, building talent, and improving competitiveness in the steel sector.
Key Facts:
- Investment opportunities in Saudi Arabia’s steel sector are estimated at SR60 billion ($15.9 billion), covering a range of high-value steel products.
- The third Saudi International Iron and Steel Conference in Riyadh brought together thousands of participants from over 50 countries, focusing on sustainable production, innovation, and supply-chain resilience.
Key Background:
Saudi Arabia is set to boost its steel industry by creating a national company to import scrap metal. The move comes as the Kingdom looks to tap into around SR60 billion ($15.9 billion) in investment opportunities in the sector.
At the third Saudi International Iron and Steel Conference in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted the need to strengthen local manufacturing and rely less on imports. “We have assessed the market to address supply gaps and enhance local production of high-value steel products,” he said.
The new scrap metal company is expected to help lower production costs and support growth in the steel sector. Alkhorayef said such initiatives will make the industry more competitive and meet the growing demand for steel while building local expertise.
The move is part of Saudi Arabia’s Vision 2030 plan, which aims to produce more materials locally, attract foreign investment, and increase manufacturing’s share of the non-oil economy. The minister also encouraged industry players to work together on key projects, including setting up a steel academy to train Saudi talent.
The three-day conference, which began on October 14, has brought together thousands of participants from more than 50 countries. Organized with the support of the Federation of Saudi Chambers of Commerce, this year’s edition focuses on sustainable production, technological innovation, and resilient supply chains across the Middle East’s rapidly evolving iron and steel industry.
Key discussions at the event include upstream raw material access, green steel technologies, regulatory developments, and supply chain dynamics. Industry leaders and global experts are sharing ideas to help Saudi Arabia focus on high-value products and industries with a strong economic impact.
Alkhorayef said the new initiative could help fill local steel shortages and reduce the need for imports, showing the Kingdom’s commitment to growth and industrial self-reliance.
