Riyadh - Mubasher: Saudi Arabia’s iron sector presents investment opportunities exceeding SAR 60 billion across seven targeted product areas, said Bandar Alkhorayef, Minister of Industry and Mineral Resources.
These remarks came during Alkhorayef’s speech on the sidelines of the third annual Saudi International Iron and Steel Conference in Riyadh, according to the Saudi Press Agency (SPA).
Alkhorayef emphasized the sector’s central role in advancing Saudi Vision 2030 targets to diversify the economy and expand the production base.
These efforts aim to raise the private sector’s GDP contribution to 65% and increase non-oil exports to 50% of non-oil GDP, he added.
As for the National Steel Sector Restructuring Plan, approved in August 2024, the minister indicated that it provides a roadmap to develop and sustain the industry.
Moreover, the conference touched upon the National Industrial Strategy, focusing on localizing key sectors, including renewable energy, building materials, and the automotive industries.
Alkhorayef outlined three growth pillars to drive higher demand for iron and steel products. This is in addition to leveraging the Kingdom’s strategic location connecting three continents, competitive energy prices, and advanced infrastructure.
The third pillar supports the country’s direction toward green metals production, with Saudi Arabia aiming to diversify its energy mix and enable renewable energy sources to account for 50% of total power generation by 2030.
Meanwhile, the Gulf country imports 4 million tons of iron ore annually and intends to boost production to 25 million tons by 2035.
Finally, the minister underlined several challenges, such as rebar surpluses, limited capacity for high-value products, and strong competition from imports, which reached twice the local production capacity of flat steel products.
