Chairperson of the National Committee for Steel Industry at the Council of Saudi Chambers (CSC) Eng. Raed Al Ajaji stated that the significant economic transformation in the Kingdom post-Saudi Vision 2030 requires meticulous media coverage in regards to disseminating accurate information, especially given the information gap in the steel industry. To address this, the committee used its website to publish a comprehensive encyclopedia on the latest steel products, including customs codes and uses, in addition to a list of relevant international organizations as a reference to interested parties.
This step comes as part of the Steel Committee’s efforts to raise awareness towards the sector and address the common mistake of reducing the term “steel” to reinforcement steel, leading to inaccurate readings of the industry. Mr. Al Ajaji explained that there are two groups of steel: Long products, which pertain to reinforcement steel and iron bridges, and Flat products, which include hot-rolled coil, cold-rolled coil, and coated steel products. In addition to scrap metal, which is used to produce semi-finished iron ores.
The Steel Committee Chairperson added that the confusion regarding steel types leads to inaccurate information on critical issues, such as pricing, noting that experts and interested parties shall receive accurate information on such a strategic sector. He further added that the steel industry holds a special place on the G20 agenda due to the challenges it faces today, and the ramifications of these challenges on the Saudi market.
Mr. Al Ajaji called for more efforts to protect the steel industry and foster its competitiveness worldwide within an attractive investment environment that creates jobs and achieves sustainable development. He concluded his statement by reiterating the importance of the steel industry to the Saudi Vision 2030, whose goals entail diversifying income sources beyond oil.