announce Saudi Minister of Industry and Mineral Resources, Bandar Al-KhorayefToday, Monday, it announced 3 new projects in the Saudi iron and steel sector, with a value of 35 billion riyals.
During the second Saudi International Iron and Steel Conference, the minister said that the production capacity of new projects in Saudi Arabia is 6.2 million tons of iron and steel.
The minister added that Saudi Arabia aims to reduce iron and steel imports by half.
The projects include the establishment of an integrated complex for the production of iron sheets, with a production capacity of 1.2 million tons.
The complex targets the construction of ships, pipelines, oil rigs and huge oil tanks.
The announced projects included the establishment of a factory for the production of circular iron blocks with a production capacity of one million tons annually.
The minister added, “We are working with a number of international investors to establish an integrated complex for the production of flat iron, with an annual production capacity of 4 million tons of hot rolled iron and one million tons of cold rolled iron.”
He pointed out that this sector aims to serve the automobile industry, food canning, the manufacture of household appliances and water pipes.