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Saudi Steel Strengthens Global Position
Saudi Arabia has launched a strategic plan to develop the iron and steel industry, focusing on increasing domestic production and reducing reliance on imports since its establishment in 1979. The sector has experienced significant growth, with production greatly doubling by 2000, and it is expected to increase at a rate of 5% annually through 2030 thanks to massive infrastructure projects, investments in technology, and supportive government policies. The industry also saw the sovereign fund acquiring key companies in 2021 to enhance self-sufficiency. Saudi Arabia aims to become one of the largest producers of iron and steel globally, reaching the 18th position worldwide by 2025, supported by strong leadership and a national will to boost the non-oil economy and diversify economically.
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