The National Iron and Steel Industry Committee in the Chambers of Commerce has revealed that less than 50% of factories in this sector produce less than their production capacity. She said she intends to hold a Saudi international conference on iron and steel in Riyadh in March 2019 to build a future plan for the Saudi ironmonger industry. Saudi iron and steel industry.
"Many of our factories produce less than 50 percent of their production capacity due to unfair competition," said Raed Al-Ajaji, Chairman of the Steel Industry Committee. "We are still in the position of importing countries." "We are leaving the billions of economic value untapped, and today we have the opportunity to work together to stop and maintain this revenue in the country to help achieve growth plans because the iron and steel industry is strategically important to our economic future."
He stressed that the kingdom has invested billions of dollars in world-class equipment that produces high-quality iron products over the years and has to work together to ensure that they remain competitive and prosperous.
According to the Commission, the Saudi market today requires about 20 million tonnes of iron products to meet current domestic demand, and demand will continue to increase as more of the development and infrastructure projects related to Vision 2030.
About 55% of total domestic demand is delivered through imports, while actual output falls below 50% of available capacity due to unfair competition.