Saudi Arabia is taking steps to strengthen its iron and steel industry by creating a national company dedicated to importing scrap metal.

This move comes as part of the nation's efforts to bolster local manufacturing and decrease reliance on imports, according to Bandar Alkhorayef, the Minister of Industry and Mineral Resources.

The initiative aligns with Saudi Vision 2030, which seeks to localize key materials, attract foreign investment, and increase the manufacturing sector’s contribution to non-oil gross domestic product (GDP).

At the third Saudi International Iron and Steel Conference in Riyadh, Alkhorayef announced the establishment of a national scrap metal company.

He emphasized that this move is expected to directly impact cost improvements and support the growth of the steel sector.

The minister also highlighted investment opportunities worth approximately SR60 billion ($15.9 billion) across various products crucial for the local industry.

Additionally, Alkhorayef called on companies within the sector to work together in implementing strategic recommendations.

These include setting up a dedicated steel academy to train Saudi talent and creating the national scrap metal company.

The move reflects an assessment of market gaps and aims to enhance local production of high-value steel products.

The conference, which began on October 14th and will run for three days, has brought together thousands of participants from over 50 countries.

It is supported by the Federation of Saudi Chambers of Commerce.

This year’s event focuses on sustainable production, technological innovation, and supply-chain resilience in the iron and steel industry across the Middle East.

Industry leaders, government officials, and experts from the global steel supply chain are attending to discuss key themes such as upstream raw material access, green steel technologies, regulatory changes, and supply chain dynamics.

The initiative signifies Saudi Arabia's commitment to developing its industrial sector under Vision 2030.