The 17th Arab Steel Summit kicked off in Doha today, Monday, with the attendance of about 550 participants from the most prominent influencers and experts in the iron and steel industry. In his opening speech, Al Kaabi pointed to a set of challenges facing the steel industry in the Arab world, especially geopolitical fluctuations and crises that have a significant impact on the world’s economies, and consequently on the growth and development of this industry.
Qatari Minister of State for Energy Affairs Saad bin Sherida Al Kaabi called for strengthening the position of the Arab steel industry on the global map, stressing the need to create appropriate regulatory and investment conditions to stimulate the growth of this industry and enable it to compete at various levels.
He saw that the current year witnessed a strong recovery in demand for steel across the region, driven by huge infrastructure projects and the growing real estate market. He pointed out that Arab countries produce about 40 million tons of iron and steel annually out of a total global production of about two billion tons.
Al Kaabi called for aligning solutions to challenges with a balance between economic, social and environmental goals, especially with regard to reducing the carbon footprint, which is the cornerstone of all sustainability strategies in the world. He pointed to the efforts of Qatar Steel, which has maintained a low carbon footprint since 1978 thanks to its use of MIDREX technology and production through electric arc furnaces, which reduced its carbon dioxide emissions to less than half the global average.
He pointed out the need for the Arab steel industry to pay special attention to investing in advanced technologies and promoting a culture of innovation, because the future will belong to those who are able to invest in research and development and artificial intelligence mechanisms, according to him.
The 17th summit is held under the slogan “The Future of the Iron and Steel Industry in the Arab World”, and will discuss over two days the economic challenges and opportunities facing the iron and steel sector in the region, adopting new technologies to enhance efficiency and sustainability, and exploring the possibility of cross-border partnerships to enhance growth and resilience.
The first session discussed “Economic and Geopolitical Impacts on the Steel Industry”, and expert Adam Szewczyk predicted a significant recovery in the international economy, which could lead to increased demand for industrial products including steel, despite challenges such as oil price volatility and geopolitical tensions. He pointed to multiple factors, including innovation and climate change, that affect the demand for steel in the long term. The steel industry plays a vital role in the economic development of the Arab region, and its importance extends beyond being a basic building material, as it contributes to enhancing manufacturing, creating jobs, and enhancing energy security, which in turn is essential for sustainable growth and prosperity in the region, according to the expert.
