Saudi Arabia Seeks to Strengthen Steel Industry

The second edition of the Saudi International Iron and Steel Conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)
The second edition of the Saudi International Iron and Steel Conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)
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Saudi Arabia Seeks to Strengthen Steel Industry

The second edition of the Saudi International Iron and Steel Conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)
The second edition of the Saudi International Iron and Steel Conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)

Saudi ministers revealed an endeavor to strengthen the iron and steel industry in the Kingdom, in parallel with plans to launch economic zones and initiatives to advance local supply chains and logistics.

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef announced that the ministry was working through the National Center for Industrial Development to set a national plan aimed at restructuring the iron and steel industry, in cooperation with international experts and partnerships with government agencies and private iron producers, in order to sustain the sector’s growth and raise its capabilities.

According to Al-Khorayef, the plan includes 41 recommendations that support the localization of steel products and reduce imports rates by 50 percent.

Addressing the second Saudi International Iron and Steel Conference in Riyadh on Monday, the minister revealed three iron and steel projects, with a value exceeding SR35 billion ($9.3 billion), and a total production capacity of 6.2 million tons.

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

Al-Khorayef added that another project was being negotiated with international investors, for the building of 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.

For his part, Saudi Investment Minister Khalid Al-Falih emphasized that the Kingdom had a world-class infrastructure, including a wide network of 40 industrial cities, some of which are dedicated to energy-intensive industries.

According to the minister, plans are underway to launch four special economic zones, as well as a strategic initiative, called “Attracting Global Supply Chains”, which seeks to attract foreign direct investment aligning it with the Saudi private sector.



Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
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Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)

The Saudi Energy Ministry announced Saturday that the Kingdom has officially joined the International Partnership for the Hydrogen and Fuel Cells in the Economy (IPHE), as part of its ongoing efforts to foster international collaboration in developing this vital sector.
This accession marks a major step for the Kingdom, reinforcing its pioneering role in global sustainability efforts and in innovating advanced solutions for clean energy, the Ministry said in a statement.
It aligns with Saudi Arabia’s ambition to become a key producer and exporter of clean hydrogen, and to achieve greenhouse gases (GHGs) net-zero through the circular carbon economy approach by 2060, or before depending on technology maturity and availability, the statement added.
Saudi Arabia’s involvement in IPHE underscores its commitment to international cooperation as a cornerstone for attaining a more sustainable energy future.
The move also supports the objectives of the “Saudi Green Initiative” and “Middle East Green Initiative,” which focus on reducing carbon emissions and stimulating global demand for clean hydrogen, according to the statement.
"It also aims to contribute to the development and harmonization of regulations and standards that bolster the clean hydrogen economy,” it added.
IPHE serves as a crucial platform for fostering collaboration among member states to expedite the advancement and deployment of hydrogen and fuel cell technologies.
The partnership is dedicated to exchanging knowledge, supporting relevant research and technologies, and raising awareness about the importance of clean hydrogen in achieving sustainable development.
In this spirit, Saudi Arabia actively participates in numerous international organizations and initiatives linked to the production of clean and low-emission fuels, including the Innovation Mission Initiative, the Clean Energy Ministerial Meeting, the Zero Neutrality Forum for Producers, the Global Methane Initiative, and other related efforts.