According to a top government official, the Kingdom intends to construct three iron and steel projects with a total production capacity of 6.2 million tonnes. The projects’ combined worth is projected to be $9.31 billion.
One of the projects, according to Bandar Al Khorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, is an integrated iron sheet production complex with a 1.2 million tonne annual capacity. Once finished, it will provide services to sectors that include shipbuilding, oil platform and oil reservoirs manufacturing. He continued by saying that the ministry is collaborating with domestic and foreign companies to create a range of investment opportunities in these sectors.
The ministry is collaborating with domestic and foreign companies to create a range of investment opportunities
Al Khorayef said that another project is also being discussed with foreign investors, which plan calls for the construction of an integrated iron surface production complex with a four million tonne annual capacity for hot-rolled iron, a million tonne annual capacity for cold-rolled iron, as well as 200,000 tonne capacity for tin-plated iron and other goods. According to Al Khorayef, the complex will cater to the automobile, food packaging, home appliance, and water pipe industries.
Lastly, a factory with an estimated annual production capacity of one million tonnes will be built to create circular iron blocks. This will be utilized for the unwelded iron pipes used in the oil and gas industries.