The National Committee for the Iron Industry at the Chambers Council revealed that less than 50% of the factories in this sector produced less than their production capacity, He indicated that he intended to hold the Saudi International Iron and Steel Conference in March 2019 in Riyadh to build a road map for the future of the Saudi iron industry. Saudi Iron & Steel Industry.
"Many of our factories produce less than 50 percent of their production capacity because of unfair competition," said Raed Al-Ajaji, chairman of the National Steel Industry Committee. "We are still in a position to import the country." "We leave billions of untapped economic values. Today we have the opportunity to work together to stop this and maintain this income in this country to help achieve the growth plan because the iron industry is strategically important for our economic future."
He pointed out that the Kingdom has invested billions of dollars over the years in world-class facilities that produce high-quality iron products and must work together to ensure that they remain competitive and prosperous.
According to the National Iron Industry Commission, the Saudi market now requires around 20 million metric tons of iron products to meet current domestic demand, and demand will continue to increase as more development projects and infrastructure are linked to Vision 2030.
About 55% of total domestic demand is supplied through imports, while actual production falls below 50% of available production capacity due to unfair competition.