Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, inaugurated the third Saudi International Iron and Steel Conference in Riyadh, held under the patronage of the ministry and organized by the Federation of Saudi Chambers of Commerce.
The three-day event, which began on October 14, has attracted thousands of participants from more than 50 countries and is supported by MEsteel as media partner. This year’s edition centers on sustainable production, technological innovation, and supply-chain resilience across the Middle East’s steel sector.
In his opening address, Alkhorayef highlighted the industry’s progress in line with Vision 2030 and stressed the importance of dialogue and partnerships to ensure sustainable growth. He noted that the Kingdom’s manufacturing sector offers investment opportunities worth nearly USD 16 bln, with the steel industry playing a pivotal role.
The minister acknowledged ongoing challenges, including oversupply in rebar and heavy competition from imports, particularly in flat products, where imports have reached twice the Kingdom’s domestic capacity. To address these gaps, the ministry has assessed local market needs and is working to expand production of high-value steel products while reducing import dependence.
Strategic initiatives under discussion include the establishment of a national steel academy to train Saudi talent and a dedicated company to import and supply steel scrap. The National Industrial Development Center has also been tasked with updating the restructuring plan for the steel sector to reflect global trends, sustainability priorities, and regulatory improvements that enhance the investment climate.
Alkhorayef further noted that exploration of Saudi iron ore reserves has revealed promising deposits with high concentration levels, offering long-term potential for local raw material supply.
He also expressed optimism about regional steel demand growth, pointing to reconstruction opportunities in Iraq, Syria, Yemen, Lebanon, and eventually Gaza.
