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 …
The first meeting of the Technical Committee of the Arab Iron and Steel Union was held today at the Royal Maxim Palace Kempinski Hotel in Cairo – Arab Republic of Egypt. It is a procedural meeting where the internal law of the Technical Committee was approved and Dr. Othman Al-Malaki, Executive Director of the Technology …
The profits of Al-Jazeera Steel Company, which operates in the iron pipe industry, rose to 2.41 million Omani riyals (19 baisa/share) by the end of the first nine months of 2023, compared to profits of 2.18 million riyals achieved in the same period in 2022, as the following table shows: Income List Period September 2022 …
Al Jazeera Steel’s profits increased by 11% during January – September 2023 Read More »
The Executive Vice President of the Mining Sector at the National Industrialization Company, Dr. Fadi Trabzoni, details of the first pig iron shipments from Jizan to the United States. Trabzoni added, during his interview broadcast on Al-Ekhbariya channel, that the shipment is estimated at 37 thousand tonnes and will be exported from the first and …
Saudi Arabia: Exporting 37 thousand tonnes of pig iron to the United States Read More »
According to a statement on its website on Sunday, the Saudi Public Investment Fund announced a deal to launch a giant company for the iron and steel industry through its acquisition of the two largest iron companies in the Kingdom. According to two separate statements from the Public Investment Fund and the Saudi Basic Industries …
The Saudi Public Investment Fund acquires the two largest steel companies in the Kingdom Read More »
Saudi Arabia and Turkey signed a memorandum of understanding for cooperation in the field of mining during a meeting between Bandar Al-Khorayef, Saudi Minister of Industry and Mineral Resources, and Alp Arslan Bayraktar, Turkish Minister of Energy and Natural Resources, in Ankara on Monday. Bayraktar said, in statements after the meeting, that he hosted Al-Khorayef …
A Saudi-Turkish understanding for cooperation in the field of mining Read More »
According to preliminary data announced by the World Steel Organization on world production (63 countries) in July 2023, crude steel production amounted to 158.5 Mt , a 6.6% increase compared to production in July 2022. Africa produced 1.4 Mt in July 2023, up 26.1% on July 2022. Asia and Oceania produced 119.9 Mt, up 9.1%. …
World crude steel production rises by 6.6% in July 2023 Read More »
Bahrain Steel Company, a subsidiary of Foulath Holding Company, one of the global leaders in the production and supply of high-quality iron ore pellets, has signed a letter of intent with Essar International Group to supply iron ore pellets to the Arab Green Steel project. The signing ceremony was held on Wednesday, August 16, 2023 …
According to the General Authority for Statistics, the average price of a tonne of rebar steel in the Kingdom of Saudi Arabia in July 2023 ranged between 2613.52 – 4082.53 Saudi riyals, a decrease between 0.28% and -1.01% compared to June in 2023, and a decrease between -9.31% and -28.75% compared to July 2022. Average …
Rebar prices decreased in the Kingdom of Saudi Arabia in July 2023 Read More »
The profits of Bena Steel Industries Company in the Kingdom of Saudi Arabia, which operates in the field of iron rolling services, manufacturing structural steel, iron tubes, presses and wagons, decreased to 5.2 million riyals at the end of the first half of 2023, compared to profits of 11 million riyals for the same period …
Saudi Arabia: Bena Steel Industries profits decreased to 5.2 million riyals in H1 2023 Read More »
Brazilian mining company Vale announced that it had reached two separate agreements to sell 13 percent of its base metals business for $3.4 billion, with the aim of boosting its copper and nickel production. Under the two agreements, a joint venture between the Saudi Arabian Mining Company (Maaden) and the Public Investment Fund will acquire …
Investment Fund and Ma’aden intend to acquire 10% stake in a subsidiary of “Vale” Read More »
The Ministry of Commerce said that the total licenses for exporting steel and cement since the start of permitting exports amounted to 334, including 201 for steel export and 133 for cement. According to Al-Eqtisadiah newspaper, the ministry stated that from the beginning of 2023 until the end of the first half, 41 licenses were …
The Minister of Industry and Mineral Resources of Saudi Arabia, Professor Bandar bin Ibrahim AlKhorayef, met in his office today with a delegation from China, headed by a member of the Standing Committee of the “Hebei” Provincial Committee and Secretary of the Tangshan Municipal Committee of the Communist Party of China Wu Weidong. The meeting …
According to the preliminary data announced by the World Steel Organization about world production (63 countries) during May 2023, crude steel production amounted to 161.6 million tonnes, a decrease of 5.1% compared to the production of May 2022. Africa produced 1.3 million tonnes in May 2023, up 18.6% from May 2022. Asia and Oceania produced …
World crude steel production declined by 5.1% in May 2023 Read More »
According to the General Authority for Statistics, the average price of a tonne of rebar in the Kingdom of Saudi Arabia in May 2023 ranged between 2754.97 -4099.14 Saudi riyals, a decrease between -1.19% and -4.15% compared to April 2023, and a decrease between -14.84% and -35.27% compared to May 2022. Average prices and monthly …
Rebar prices decreased in the Kingdom of Saudi Arabia in May 2023 Read More »
The extraordinary general assembly of Yamamah Steel Industries Company (Al Yamamah Steel) approved, during its meeting yesterday, Wednesday, to transfer an amount of 60 million riyals from the statutory reserve account as of March 31, 2023, to the retained earnings account. The company added, according to a statement it made today, Thursday, on “Saudi Tadawul”, …
The General Assembly of Watani Steel Company for Iron and Steel, listed in the parallel market, approved the recommendation of the Board of Directors to increase the company’s capital by 50% by granting bonus shares to shareholders by granting one share for every two shares owned, as shown in the following table: Current capital 121.10 …
The Investment Forum in Special Economic Zones announced new investments of more than 27 billion riyals in partnership with the Saudi program to attract regional headquarters for international companies. From his side, Mohammed Al-Jadaan, Minister of Finance, revealed the provision of various tax incentives for investors in the economic zones and work on tax cuts …
According to the preliminary data announced by the World Steel Organization about world production (63 countries) during April 2023, crude steel production amounted to 161.4 million tonnes, a decrease of 2.4% compared to the production of April 2022. Africa produced 1.3 million tonnes in April 2023, up 4.8% from April 2023. Asia and Oceania 121.1 …
World crude steel production declined by 2.4% in April 2023 Read More »
The Saudi Ministry of Commerce said it had issued 17 licenses to export steel from the beginning of this year until the end of April (4 months). The ministry stated the total number of licenses issued since the steel export allowance amounted to 189, according to Al Eqtisadiah newspaper. The ministry pointed out that the …
Saudi Arabia: 17 licenses to export steel within 4 months Read More »
Saudi Arabia is heading to establish the most substantial integrated steel plate manufacturing Complex in Saudi Arabia, after Saudi Aramco, the global company in the field of energy and chemicals, and Baoshan Iron and Steel Co., Ltd. (Baosteel), the Chinese steel conglomerate, and the Public Investment Fund, announced Signing a shareholder agreement to implement the …
According to preliminary data announced by the World Steel Organization on world production (63 countries) during March 2023, crude steel production amounted to 165.1 million tonnes, an increase of 1.7% compared to March 2022 production. Africa produced 1.4 million tonnes in March 2023, an increase of 8.4% compared to March 2022. Asia and Oceania 124.8 …
World crude steel production increased by 1.7% in March 2023 Read More »
According to the General Authority for Statistics, rebar steel average prices a tonne in the Kingdom of Saudi Arabia in March 2023 ranged between 2900.96 – 4147.23 Saudi riyals, with a decrease between -0.36% – 1.46% compared to February 2023 and a decrease between -5.82% – 22.42% compared to March 2022. Average prices and the …
Rebar prices decreased in the Kingdom of Saudi Arabia in March 2023 Read More »
The International Monetary Fund has slightly lowered its global growth forecast for 2023 as the pace of interest rate hikes slows, but warned that severe financial system disruptions could drive output to near-stagnation levels. The fund stated in its latest report on global economic prospects that the risks of spreading infection in the banking system …
IMF forecasts for the economies of Arab countries for the year 2023 Read More »
The Ministry of Industry and Mineral Resources issued 85 industrial licenses last February, while 80 factories started production operations during the same period, with investments of 4.3 billion riyals. The ministry stated that the investment volume in new licenses amounted to 1.9 billion riyals. Small enterprises acquired most of them by 85.88 per cent, followed …
According to preliminary data announced by the World Steel Association (worldsteel) about World crude steel production (63 countries) in February 2023 was 142.4 million tonnes (Mt) in February 2023, a 1.0% decrease compared to February 2022. Africa produced 1.1 million tonnes in February 2023, down 11.9% from February 2022, and Asia and Oceania produced 106.6 …
World’s crude steel production declined by 1.0% in February 2023 Read More »
According to the General Authority for Statistics, the average iron price per tonne in the Kingdom of Saudi Arabia in February 2023 ranged between 2943.91 – 4284.07 Saudi riyals, a decrease between -2.85% – 3.91% compared to January 2023, and a decline between-3.04% – 17.27% compared to February 2022. Average prices and monthly and annual …
Average rebar prices in the Kingdom of Saudi Arabia during February 2023 Read More »
Saudi Basic Industries Company (SABIC) announced the financial results for the fiscal year ending on December 31, 2022. As it recorded profits amounting to 16.5 billion riyals, compared to 23.07 billion riyals for the fiscal year 2021, a decrease of 28.4 per cent. The decrease in net profit during this year compared to the previous …
Saudi Arabia: 16.5 billion riyals of “SABIC” profits in 2022 Read More »
According to the preliminary data announced by the World Steel Federation on world production (64 countries) during January 2023, crude steel production amounted to 145.3 million tonnes, a decrease of -3.3% compared to January 2022 production. Africa produced 1.2 million tonnes of crude steel in January 2023, down by -4.9% from January 2022 and Asia …
World’s crude steel production declined by 3.3% in January 2023 Read More »
Saudi Crown Prince Mohammed bin Salman Al Saud announced the launch of the New Square Development Company to develop the world’s largest modern downtown in the city of Riyadh, in line with the goals of Saudi Vision 2030. The project includes an innovative museum, a university specializing in technology and design, an integrated multi-use theatre, …
Saudi Arabia launches the New Square Company to develop “Downtown” in Riyadh Read More »