Arab Steel Summit
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Arab Steel Summit

Fears of a “trade war” dominate the “ِArab steel summit” in Amman

The activities of the first day of the Arab Steel Summit kicked off today in the Jordanian capital, Amman, in the presence of major Arab companies working in the steel industry. The summit witnessed the first official appearance of businessman Ahmed Ezz, head of the Ezz Steel Group, several years ago, where he was honored as the 2017 man of the year in the steel industry. A state of anxiety dominated the major steel producers in the Arab countries from the global trade war, which was represented in the imposition of protectionist duties by several countries, led by the United States, Europe and Turkey.

This matter was considered by the summit participants as a direct threat to the steel industry as a result of huge production surpluses that might be directed to markets whose industry is not protected, particularly the Arab markets.

The past months witnessed a sharp “trade war” that America started by imposing duties of about 25% against a number of Chinese products, on top of which are steel products, a measure that was followed by a number of European countries taking the same step, and then Turkey, which is one of the largest steel producers in the world. .

Raed Al-Ajaji, Chairman of the Saudi National Iron Committee, said that what the steel industry is witnessing at the global level represents a great challenge for iron and steel producers in the Arab world, adding: The current trade war will turn into a global war economically, and the Arab world is not outside that “game.” It is at the heart of that war.

He stressed, during his speech on the first day of the summit, that what is currently happening in the global market will hit markets that do not enjoy protection, pointing out that Arab markets have huge potentials in the steel industry, and therefore it requires coordination between producers in Arab countries to face the “next danger.” .

Sami Al-Obaidi, Chairman of the Council of Saudi Chambers of Industry, stressed that the surplus capacities of steel products represent the biggest challenge for Arab producers in the current period, explaining that the steel industry in Saudi Arabia plays a major role in the Saudi economy, as it is one of the most important non-oil sources in the Kingdom of Saudi Arabia.

Awad Al-Khalidi, President of the Arab Steel Union, said that the steel industry in the Arab world faces ambitions and challenges, and the most important of these challenges is reliance on components imported from abroad, which are characterized by high costs, which requires increased research and development on the part of Arab factories. He explained that the most important move that steel producers in the Arab world should take is to work on building their own capabilities in order to deepen local industrialization.

Kamal Joudi, Secretary-General of the Arab Steel Union, said that despite the unstable conditions in some countries in the Arab region, the steel industry is witnessing great growth and development, stressing that the current major concerns are related to the protectionist policies that the world is witnessing on steel imports, and added: There are huge investments in the Arab steel industry that should be preserved through intensive coordination between representatives of that industry and governments.”

Joudi stressed the importance of establishing joint Arab projects for iron and ores, especially since there are countries that have the ability to do so, such as Mauritania and Algeria. Larger.



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