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Home Steel News Saudi Arabia's steel industry expected to continue growing
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Saudi Arabia's steel industry expected to continue growing

24 Oct 2024 15:58 reported by Iona Chen

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Saudi Arabia's steel industry has recently entered rapid development, driven by government support and increasing infrastructure demand.

The Saudi National Industrial Development and Logistics Program (NIDLP) supports the steel industry by enhancing the production capacity of local steel companies. This is achieved through various measures, including the reduction of energy costs, tax incentives, and investment subsidies.

Saudi Arabia's infrastructure projects, such as NEOM and Qiddiya, have promoted the development of the steel industry. Domestic enterprises continue to upgrade their technologies, establishing a solid foundation for the sector's future.

It is anticipated that Saudi Arabia's steel demand will grow at an average annual rate of 5-7% between 2024 and 2027, with steel exports projected to reach 10-12 million tons.

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