CEO of Riyadh Steel Company, Ahmed bin Abdulkarim Al-Nafi, said that the company has a plan to establish a new factory near the city of Riyadh, which will allow it to expand and diversify the types of products offered to customers.
In an interview with Arqaam, Al-Nafi pointed out that regional iron consumption is expected to grow at a rate of 3.3% annually until 2026, as the value of projects consuming iron in the region is estimated at about 2.3 trillion dollars.
According to statistics published at the Second Saudi International Steel Conference held in 2022, there are expectations for regional consumption of iron to grow at a rate of 3.3% annually until 2026. The value of projects consuming iron in the Middle East and North Africa region is estimated at 2.3 trillion dollars, led by major government projects in The kingdom.
This comes in addition to the usual growth with the increase in the pace of consumption within the Kingdom due to the urban renaissance it has witnessed recently. It is expected that reliance on the domestic product to meet the Kingdom’s iron needs will increase from 67% in 2019 to 99.3% by 2030, God willing.
He pointed out that we have a plan to establish a new factory near the city of Riyadh, which will allow us to expand and diversify the types of products offered to customers in future stages according to the aspirations of the market.
He stressed that Riyadh Steel Company has a strong financial position and does not carry any commercial debts except a loan from the Industrial Development Fund. Al-Nafi spoke about the company’s products and markets.
Riyadh Steel Company is one of the first iron manufacturers in the Kingdom of Saudi Arabia. It was established more than 23 years ago and works in the manufacture of structural steel for the building and metal forming sector in accordance with international standards ASTM A36 / A36M. It provides a wide range of sizes of iron bars (angles and spreaders) from 30 mm to 100 mm, and also provides processed scrap to other factories producing iron.
Riyadh Steel Company has an integrated supply chain that begins with the process of purchasing scrap, then preparing it by shearing, melting it, and then rolling it to produce bars. The annual production capacity is 90,000 tons of bars, 150,000 tons of billets and 220,000 tons of processed scrap.