Industry Ministry restructuring plan for iron sector aims to lure SAR 35 bln investments: Official

Logo of Ministry of Industry and Mineral Resources

The Public Investment Fund’s (PIF) 100% acquisition of the Saudi Iron and Steel Co. (Hadeed) from Saudi Basic Industries Corp. (SABIC) is a pioneering national step that will contribute to supporting the objectives of the mining strategy, Saudi Press Agency reported, citing Khalid Almudaifer, Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources.
 

He added that the deal will also help meet the growing local demand for raw materials of mining industries. 

The Ministry of Industry and Mineral Resources provided an integrated plan to restructure the iron sector – as part of the mining strategy – to attract nearly SAR 35 billion investments. The Saudi Vision 2030 and the mining strategy will boost demand for iron in the next decade, raising consumption from 12 million tons to over 20 million tons.
  
The national steel sector restructuring plan includes 41 recommendations to enable the sector, ensure its sustainability, enhance operating efficiency at factories and support Saudization to face local and global changes, Almudaifer added.