Saudi Press

Saudi Arabia and the world
Sunday, Oct 01, 2023

Al-Khorayef announces new iron and steel projects worth SR35 billion

Al-Khorayef announces new iron and steel projects worth SR35 billion

Minister of Industry and Mineral Resources Bandar Al-Khorayef stated that the Ministry is working with local and international investors to establish a variety of investment opportunities in the iron and steel sector in the Kingdom.
Three projects are being constructed, with a combined production capacity of 6.2 million tons and a value of around SR35 billion.

The construction of an integrated iron sheet production complex with a capacity of 1.2 million tons per year is one of the projects, with the complex focusing on shipbuilding, oil pipes and platforms, and enormous oil reservoirs.

He stated during his inaugural speech at the Saudi International Iron and Steel Conference that another project is being negotiated with international investors.

The project entails building an integrated iron surface production complex with an annual capacity of four million tons of hot rolled iron and one million tons of cold rolled iron, as well as 200,000 tons of tin-plated iron and other products.

The complex intends to serve the automotive, food packaging, household appliances, and water transportation pipe sectors.

Additionally, a factory will be established to produce circular iron blocks with an estimated production capacity of one million tons per year, which will be the main introduction to the oil and gas industry's unwelded iron pipes.

Al-Khorayef emphasized that the National Plan for the Structuring of the Iron and Steel Sector contains 41 recommendations to enable and sustain the sector.

These include reviewing and approving 16 policies and legislation, as well as collaborating with the private sector on a number of long-term solutions such as the establishment of an iron academy and a research and development center to increase the efficiency of factory operations and create high-quality jobs for Saudis.

“This will help us face and address global and local changes in order to ensure the sector's sustainability and resiliency in the face of economic and geopolitical variables,” explained the minister.

Al-Khorayef pointed out that the Kingdom's priorities include localizing steel products of all types, such as heavy iron sheets for the oil and gas sector, defense and construction sectors, tinplate steel for the canned food sector, tinplate steels for the canned food sector, flat tinplate for the automobile sector, and water pipe, among others.

The Ministry is also working on reducing imports by 50%, with an emphasis on maintaining a financially and operationally sustainable sector and ensuring the availability of critical supply chains such as iron ore.

The minister emphasized that the Kingdom's attempts to reinvigorate the iron sector stem from its confidence in the necessity of investing in this sector.

He noted that the establishment of motivating and appealing regulations and legislation defined by transparency, fairness, governance, and procedure facilitation promotes continued growth in strategic sectors.

Related Articles

Saudi Press
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Muslim Tycoon Asif Aziz Receives Approval for the Transformation of the iconic London Trocadero Landmark into Mosque
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
Israeli Prime Minister Netanyahu Hospitalized Due to Dehydration Amidst Summer Heatwave
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Saudi Arabia Joins the Treaty of Amity and Cooperation in Southeast Asia
The Renowned Crown Prince Camel Festival Set to Return to Taif on Aug. 1
Why Do Tech Executives Support Kennedy Jr.?