Saudi Arabia is currently executing three new iron and steel projects worth around SR35 billion ($9.3 billion), said Minister of Industry and Mineral Resources Bandar Alkhorayef.

The production capacity of these new projects will be 6.2 million tons of iron and steel, the Saudi Press Agency quoted the minister as saying.

The projects include the establishment of an integrated complex for the production of iron sheets with an estimated production capacity of 1.2 million tons per year.

The facility will build ships, oil pipelines, platforms and huge oil tanks.

Speaking at the 2nd Saudi International Iron and Steel Conference on Monday in Riyadh, the minister said the announced projects include establishment of an integrated complex for iron flats production for which discussions are being held with international investors.

It will entail an annual production capacity of 4 million tons of hot-rolled iron, and 1 million tons of cold-rolled iron, in addition to 200,000 tons of tinned iron sheet, Alkhorayef added.

The complex aims to serve the automotive, food canning, home appliances and water pipelines industries.

The minister also announced the establishment of a factory for the production of circular iron blocks, with an annual production capacity of 1 million tons.

This comes as the Kingdom focuses on the localization of steel products, including heavy iron sheets for the oil and gas sector, defense and construction sectors, tin plates for the food sector, flat sheets for the automobile sector, water pipes, he said. 

It also seeks to reduce imports by 50 percent, while emphasizing the preservation of a financially and operationally sustainable sector, and ensuring the availability of important supply chains such as iron ore.

 The two-day conference which began on Sept. 12 in the Saudi capital is being attended by regional and global industry leaders and experts.

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