Economy: Saudi Arabia, a steel giant?

It is well known that Saudi Arabia is a country rich in industrial resources… Member of OPEC (Organization of Petroleum Exporting Countries), the Kingdom has the largest reserves of black gold in the world and has been ranked second in the ranking of exporting countries for years, just ahead of the United States.

However, many people are unaware that barrels of oil are not the country’s only wealth. The World Steel Association has just published a ranking placing the Kingdom of Saudi Arabia in the top 20 producing countries, with a production of 8.2 million tonnes in 2019. Some efforts are paying off, as it was the will of the Saudi government, as well as the public and private sectors, to boost this part of the economy, which is strategic and vital for the country.

Precious metal?

Steel, which is highly prized in industry for its carbon content, is particularly popular with the construction sector, where it is indispensable. It is found at all stages, whether for water and gas transport pipes, concrete consolidation, or the skeleton of buildings such as museums, schools, factories, houses… The automotive industry also uses steel for the body, engine, steering, chassis, or even in the carcass of the tyre. Finally, in everyday life, it is omnipresent. Cutlery, pots, pans, cans, are all indispensable objects of everyday life that contain steel.

A successful gamble, therefore, for the Saudi economy, which wants to diversify from black gold, as part of the “Vision 2030” reform plan that prepares the kingdom for the “post-oil era”.