Unfair Competition Production of steelmakers shrank to 50%



[ad_1]

The National Committee for the Iron Industry in the Councils of Chambers revealed that less than 50% of the factories in the sector produce less than their production capacity and indicated that they intend to organize the International Iron and Steel Conference of Saudi Arabia in March 2019, in Riyadh, to build a roadmap for the future of the Saudi steel industry. Saudi Arabia and the Steel Industry.

"Many of our factories produce less than 50 percent of their production capacity because of unfair competition," said Raed Al-Ajaji, chairman of the National Steel Industry Committee. "We are still in the position of importing countries". "We are leaving billions of untapped economic value. Today we have the opportunity to work together to prevent this and keep these revenues in the country to help achieve growth plans, as the iron industry is strategically important for our economic future."

He pointed out that the Kingdom has invested billions of dollars over the years in world-class facilities that manufacture high quality iron products and must 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 domestic demand, and demand will continue to increase as more development and infrastructure projects are Vision 2030.

About 55% of total domestic demand is supplied through imports, while actual production falls below 50% of available production capacity due to unfair competition.

[ad_2]

Source link