RIYADH: Saudi Arabia is set to create a national company to import scrap metal as it seeks to bolster a sector which has SR60 billion ($15.9 billion) worth of investment opportunities.
Speaking at the third Saudi International Iron and Steel Conference in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef said the Kingdom wants to boost local manufacturing and curb import reliance.
He said the ministry had assessed the market to address supply gaps and enhance local production of high-value steel products.
The initiative forms part of the Kingdom’s wider industrial strategy under Vision 2030, which seeks to localize key materials, attract foreign investment, and increase the manufacturing sector’s contribution to non-oil gross domestic product.
Amidst what the minister described as ongoing “challenges and developments” in the iron and steel sector, he urged industry companies to collaborate on implementing key strategic recommendations.
