Delegates at a recent inaugural conference discuss the regional steel and iron market
The CEO of Emirates Steel, the only integrated steel plant in the UAE and a subsidiary of the General Holding Corporation (SENAAT), recently addressed delegates assembled for the first Saudi International Iron and Steel Conference (SIISC), held in the Saudi Arabian capital Riyadh.
Eng. Saeed Ghumran Al Remeithi, CEO, Emirates Steel, participated in the Conference’s 2nd session titled ‘Middle East and North Africa Steel Outlook’ during which he spoke of the importance of the GCC market for the global steel industry, alongside discussing the sector’s ongoing challenges and opportunities.
The three-day conference, held in mid-September 2019, brought together professionals from across the GCC to discuss the status of the current regional steel market. Emirates Steel was the Rhodium sponsor of the conference.
The Conference focused on the current outlook for the regional iron and steel market, the status of the global industry in the context of tariffs, alongside discussing opportunities in construction and engineering.
Focus on the manufacturing sector
“The GCC steel producers should shift their focus towards the manufacturing industry as the manufacturing base will continue to grow in the coming years. This means that the current situation where the GCC steel industry is focused on the construction sector should be changed,” remarked Engr. Al Remeithi.
He also stressed the need to create further opportunities for downstream manufacturing industries in order to stimulate steel’s demand in the region. “We believe that GCC governments have put the infrastructure in place, both in terms of industrial zones and transport investment and also regulations, to support downstream manufacturing industries,” he added.
Engr. Al Remeithi also noted that the GCC Steel producers have to focus on improving the supply chain process, reduce operation costs and improve customer’s service in order to be efficient producers and overcome the market challenges which includes the global protectionism, surge of raw material prices, sluggish demand and drop in selling prices.
“At Emirates Steel we have introduced key innovations in our production capabilities, allowing us to produce steel more efficiently and recycle waste by-products effectively,” observed Al Remeithi.
