Saudi Arabia’s’ National Industrial Development Center said the kingdom has 41 existing factories that produce steel at a capacity of 18 million tonnes. The industrial centre is developing a strategic plan targeting the localisation of new products that support supply chains of some industries such as the oil and gas, and shipbuilding industries, according to a […]
KSA has 41 steel factories with 18m tonnes capacity Read More »
G20 nations are determined to continue doing everything possible to contain the COVID-19 pandemic, warning in a draft communique that the global economic recovery remains “uneven, highly uncertain, and subject to elevated downside risks”. Bringing the pandemic under control is the key to supporting a global economic recovery, the G20 leaders said in the draft,
G20 determined to use all tools to contain pandemic Read More »
The average price of Reinforcing iron in the Kingdom of Saudi Arabia increased in October 2020 compared to the same month of 2019 for all sizes, up 12.25% – 15.01%, according to the data of the General Authority for Statistics in the Kingdom. Average prices monthly and annual changes in the KSA – October 2020
Average price of Reinforcing iron in Saudi Arabia in October Read More »
Saudi Arabia’s economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, a smaller contraction than the second quarter when the economy was reeling from coronavirus-linked lockdowns. The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% in the previous
Saudi economy contracts 4.2% in third quarter, improves from second quarter Read More »
More than one million lives have been lost to COVID-19 since the start of the year and the toll continues to rise. Many more have suffered serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. These are difficult times, yet there are some reasons to be hopeful. Testing
Global Economic Growth Outlook 2020-2021 Read More »
The financial results of the Saudi Steel Pipes Company “Saudi Pipes” revealed today, Thursday, its shift to profit in the third quarter after the company recorded a net profit of 9.58 million riyals, compared to a net loss of 14.12 for the third quarter of last year. The company explained that its shift to profit
Saudi Steel Pipe Co. records a profit of 9.58 million riyals in the third quarter Read More »
According to the official statement, Jindal Shadeed sold 480,000 tonnes of steel products during the second Quarter, with a 33% increase in volumes year-on-year. At the same time, the figure decreased on a quartertly basis by 5.9%, but the company increased its revenue over the mentioned period to $226 million. Stronger sales supported the gradual
Jindal Shadeed strengtens positions in July-September Read More »
Saudi Basic Industries Corp (SABIC) 2010.SE, the world’s 4th-biggest petrochemicals firm, reported a 47% rise in third-quarter profit, beating estimates on higher sales and output, but warned it still faces price pressures for some time to come. SABIC reported a net profit of 1.09 billion riyals ($291 million) in the quarter that ended on September 30,
SABIC third-quarter net profit up 47% Read More »
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 156.4 million tonnes (Mt) in September 2020, a 2.9% increase compared to September 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production
world’s production of crude steel rose 2.9% in September Read More »
صناعة الحديد شهدت انخفاضاً في الاستهلاك نتيجة للتباطؤ الاقتصادي العالمي وبخاصة في ظل التحديات التي فرضها فيروس «كورونا المستجد» على الوضع الاقتصادي ككل، ولكن الصناعة الوطنية قادرة على تخطي هذه المرحلة الحرجة التي أوجدت تحديات كبيرة على جميع المستويات. المهندس سعيد غمران الرميثي، الرئيس التنفيذي لشركة «حديد الإمارات»، يكشف في حواره نجاحات الشركة خلال الفترة
CEO of Emirates Steel, the iron and steel industry needs support Read More »
State Company for iron and steel, a company of the Ministry of Industry and Minerals, announced the completion of (85%) of the mechanical works in the reheating furnace of the rolling mill within the rehabilitation project. The general manager of the company, Abbas Hayal, mentioned in a statement to the media office in the ministry
State Company for iron and steel accomplishes 85% of the mechanical works Read More »
Emirates Steel announced that its products meet all requirements of the Leadership in Energy and Environmental Design (LEED) system, in addition to the requirements of the “Estidama” program and the pearl rating system of the Abu Dhabi government, as part of the company’s efforts to support the sustainable building development system. And to enhance environmental,
Saudi Arabia’s imports of iron and steel in the first nine months of this year amounted to about 11.8 million tons, with a total value of about 23.4 billion riyals. According to statistical data issued by the General Customs Authority, which Al-Eqtisadiah has reviewed, Saudi imports of iron and steel decreased by 3.5 million tons,
23.4 billion riyals is the value of Saudi Arabia’s imports of iron and steel in 9 months Read More »
The International Monetary Fund has revised its forecast of real GDP cuts in 2020 for all Gulf countries except Saudi Arabia, warning that the economic outlook is worsening for many emerging markets amid the Coronavirus crisis. In its latest report on the global economic outlook, yesterday, the Fund revised its previous forecast for Saudi Arabia,
The IMF expects the return of economic growth in the Gulf in 2021 Read More »
Arada has announced the latest in a series of construction contracts at Aljada, the AED24 billion mixed-use community in the heart of New Sharjah. The developer awarded the AED102 million contract to build Phase 2 infrastructure works to support a number of different communities within Aljada to Al Marwan General Contracting Company. The scope of
UAE : Arada awards AED102 million contract to implement Phase 2 of Aljada project Read More »
The gap between global production and capacity is expected to reach 700 million tonnes in 2020, increasing for the first time since 2016. the OECD steel committee said during its latest session held virtually. The association noted the latest available data from the OECD show that global steelmaking capacity could increase to 2,455.8 m t/year.
OECD : Steel overcapacity to resume growth in 2020 Read More »
The UAE’s Ministry of Economy has announced the extension of the country’s ban on exports of ferrous and paper waste, aiming to support local steelmakers amid the deteriorating market conditions. Accordingly, on September 15 the UAE’s Ministry of Economy issued a directive to suspend the export of raw materials, in particular steel scrap under the
UAE prolongs ban on scrap exports for another four months Read More »
The Al-Mukalla Iron and Steel Factory “misc”, located in Al-Rayyan area in Mukalla, the capital of Hadramout Governorate, east of Yemen, has been closed. A commercial source attributed the reason for the closure of the factory to the failure of the local authority in Hadramout to provide a private power station with the fuel that
Yemen: Closure of Al-Mukalla Iron and Steel Factory in Hadramout Read More »
Emirates Steel worked with ENEC for the ten-year construction period of the Barakah Nuclear Energy Plant. Emirates Steel has proudly announced its contribution to the national achievement of constructing the Barakah Nuclear Energy Plant, the first peaceful nuclear plant in the Arab World. Emirates Steel, the leading integrated steel plant in the UAE, has proudly
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 148.8 million tonnes (Mt) in July 2020, a 2.5% decrease compared to July 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production
World crude steel production decreased by 2.5% in July Read More »
Saudi Arabia’s energy ministry is to offer assistance so that Neom, a $500 billion high-tech development that includes tourism and sport facilities on the Red Sea, can be completed on schedule, minister Abdul Aziz bin Salman said on Sunday. The 26,500 square km (10,230 square mile) development, first revealed in 2017 with a planned completion
Saudi energy ministry to assist development of mega economic zone Neom Read More »
The average prices of some construction materials in the Kingdom recorded a remarkable increase in July, especially iron and cement prices, in conjunction with the increase in the value-added tax rate from 5% to 15%. The average price of rebar/tonne reached 2,947.69 riyals, which is the highest since April 2014, after it recorded 2,971.2 riyals/tonne,
Saudi Arabia: Rebar touches 3000 riyals and rises to the highest level in 6 years Read More »
Saudi Basic Industries Corp (2010.SE), the world’s fourth-biggest petrochemicals firm, reported a third straight quarterly loss on Thursday and said low oil prices and weak global growth meant the second half would likely be similar to the first. SABIC reported a net loss of 2.2 billion riyals ($586.6 million) in the second quarter on impairments
SABIC posts third straight quarterly loss, forecasts more of the same in second half Read More »
UAE begins start up operations at its first nuclear power plant The United Arab Emirates has begun start up operations in the first unit of the Barakah nuclear power plant, Dubai’s ruler said on Twitter on Saturday. “Today we announce the UAE’s success in operating the first peaceful nuclear energy reactor in the Arab world,”
UAE begins start up operations at its first nuclear power plant Read More »
Mr. Meshary Al-Judaimi was appointed in April 2020 as the new Chairman of the Board of the Bahrain-based Foulath Holding (B.S.C) and Bahrain Steel (B.S.C). Mr. Al-Judaimi represents Gulf Investment Corporation (GIC), the largest shareholder of Foulath. Mr. Al-Judaimi is the Group Head of Principal Investment at GIC. He is the senior executive responsible for
Mr. Meshary Al-Judaimi Chairman of the Board Foulath and Bahrain Steel Read More »
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 147.1 million tonnes (Mt) in March 2020, a 6.0% decrease compared to March 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates from national and regional associations, which may be revised with
World crude steel production decreased by 6% in March Read More »
The Trump administration imposed new sanctions on Iran on Friday, including penalties on the Islamic Republic’s metals and some senior leaders, following Tehran’s attack on U.S. military bases. The sanctions target steel, aluminum, copper and iron, as well as eight senior Iranian officials and sectors of the economy, such as construction, manufacturing, textiles and mining,
U.S. to Impose Sanctions on Iran’s Metal Exports Read More »
George Matta, Chairman of the Economic Committee of the Arab Iron and Steel Union and chief marketing officer in for Ezz Steel, said that steel consumption in the Middle East and North Africa area is expected to reach 40 million tons in 2019 ,With a decrease of 7% compared to 2018, which reached 43 million tons due to the
Chairman of the Economic Committee of ِAISU : Steel consumption reaches 40 million tons Read More »
The Chairman of the Board of Directors of the Arab Iron and Steel Union, Awwad Al-Khalidi, called on Arab governments to provide more support “to protect this strategic industry.” In a speech during the 14th Arab Steel Summit hosted by Tunisia, Al-Khalidi stressed the need to strengthen Arab cooperation in the field of iron and
George Matta, head of the Economic Committee of the Arab Steel Union and head of the marketing sector at Ezz Group, confirmed that Egypt is the largest producer and consumer of steel in the Arab region and North Africa, and that it leads economic growth in the Arab region, noting that the growth rate reached
Economic Committee of AISU : Government measures helped reduce Arab steel stocks Read More »