Demand for iron, steel in Saudi Arabia likely to be promising: HADEED President

Raw material prices have seen unprecedented fluctuations since the beginning of 2022, affecting all types of iron products, Salah Al Ansari, President of Saudi Iron & Steel Co. (HADEED), told Argaam in an interview.

The rise in iron prices was driven by sudden global factors, mainly the current geopolitical tensions in Europe and high global fuel prices.

The iron and steel industry is closely linked to countries’ economic conditions, Al Ansari said, expecting a promising future for demand in the Kingdom, especially as work is going around the clock on mega projects, in tandem with Saudi Vision 2030.

HADEED looked for investment opportunities in Mauritania to exploit iron ore and ensure sustainable supply chains. In light of instability in the iron ore markets, Mauritania Saudi Mining and Steel Co. (Takamul) represents a joint venture for mining and exploration of iron raw materials in basic manufacturing processes.

Al Ansari also pointed to the fluctuations of raw material prices and their implication on iron products throughout 2022, explaining the development in the company’s historical production capacity and projects.