The National Iron Industry Committee in the Chambers Councils revealed that fewer than 50% of the factories in the sector produced less than their production capacity. She said she planned to organize an International Iron and Steel Conference in March 2019 in Riyadh to build a road map for the future of the Saudi iron industry. Saudi Iron & Steel Industry.
"Many factories produce less than 50 per cent of their production capacity due to unfair competition," said Raed Al-Ajaji, chairman of the National Steel Industry Committee. "We're still in a position of imported countries." "We're leaving billions of undeveloped economic value. Today, we have the opportunity to work together to prevent and retain these revenue in the country to help achieve growth plans as the iron industry is very important to & # 39 ; n economic future. "
He noted that the Kingdom has invested billions of dollars over the years in world class facilities that produce high quality iron products and have to work together to ensure they remain competitive and prosperous .
According to the National Iron Industry Commission, the Saudi market now requires about 20 million tonnes of iron products to meet current home demand and demand will continue to increase as more projects development and infrastructure related to Vision 2030.
About 55% of total domestic demand is supplied through imports, while actual production falls below 50% of the production capacity available due to unfair competition.