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Arab Steel Summit

Saudi Arabia

Saudi Arabia mining strategy boosts steel demand for the next ten years

Deputy Minister of Industry and Mineral Resources for Mining Affairs, Engineer Khalid bin Saleh Al-Mudaifer, confirmed that the mining strategy in the Kingdom of Saudi Arabia will enhance the increase in demand for steel in the Kingdom during the next ten years. This came during his participation in the activities of the Arab Mining Conference …

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World crude steel production increased by 0.6% in October 2023

World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 150.0 million tonnes (Mt) in October 2023, a 0.6% increase compared to October 2022. Africa produced 1.9 Mt in October 2023, up 3.5% on October 2022. Asia and Oceania produced 108.8 Mt, up 0.8%. The EU (27) produced 10.6 …

World crude steel production increased by 0.6% in October 2023 Read More »

“Saudi Pipes” signs a contract worth 105 million riyals to supply pipes to “Tennars Global”

Saudi Pipe Company won contracts to supply steel pipes for oil and gas to Tenares Global Service in Uruguay, worth 105 million Saudi riyals. The company said in a statement to Tadawul Saudi Arabia, today, Wednesday, that the contracts were awarded and signed on November 8 for a period of 8 months. The financial impact …

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Saudi Arabia: “Hadeed” allocations cost “SABIC” 2.88 billion riyals

The Saudi Basic Industries Corporation (SABIC), one of the largest petrochemical companies in the world, announced on Thursday that it had recorded a decline of about 17 percent in third-quarter revenues and a net loss. SABIC said in a disclosure that it recorded a net loss of 2.88 billion riyals ($768 million) during the three …

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CEO of Riyadh Steel: We have a plan to establish a new factory to expand and diversify product categories

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 …

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Electing Dr. Othman Al-Malaki as Chairman of the Technical Committee of the Arab Iron and Steel Union, and Eng. Mohamed Fouad Imam as Deputy

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 …

Electing Dr. Othman Al-Malaki as Chairman of the Technical Committee of the Arab Iron and Steel Union, and Eng. Mohamed Fouad Imam as Deputy Read More »

Al Jazeera Steel’s profits increased by 11% during January – September 2023

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 »

Saudi Arabia: Exporting 37 thousand tonnes of pig iron to the United States

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 …

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The Saudi Public Investment Fund acquires the two largest steel companies in the Kingdom

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 …

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A Saudi-Turkish understanding for cooperation in the field of mining

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 …

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Bahrain Steel signs a letter of intent to supply iron ore to the Essar Green Steel project in Saudi Arabia

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 …

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Saudi Arabia: Bena Steel Industries profits decreased to 5.2 million riyals in H1 2023

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 …

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Investment Fund and Ma’aden intend to acquire 10% stake in a subsidiary of “Vale”

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 …

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Saudi Arabia issues 29 licenses to export steel and 12 for cement during the first half of 2023

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 …

Saudi Arabia issues 29 licenses to export steel and 12 for cement during the first half of 2023 Read More »

Reinforcing relations between Saudi Arabia and China in the industrial and mining sectors

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 …

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World crude steel production declined by 5.1% in May 2023 

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 »

Rebar prices decreased in the Kingdom of Saudi Arabia in May 2023 

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 …

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The general assembly of Yamamah Steel agrees to transfer 60 million riyals from the statutory reserve to retained earnings

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”, …

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The General Assembly of Watani Steel agrees to increase the capital by 50% through bonus shares

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 …

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Saudi Arabia: 27 billion riyals in new investments and tax cuts for 20 years in the special economic zones

 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 …

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World crude steel production declined by 2.4% in April 2023 

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 »

Establishing the first integrated steel plate manufacturing complex with a capacity of 1.5 million tonnes in Saudi Arabia

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 …

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World crude steel production increased by 1.7% in March 2023

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 »

Rebar prices decreased in the Kingdom of Saudi Arabia in March 2023

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 …

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IMF forecasts for the economies of Arab countries for the year 2023

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 …

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