On September 20, Saudi Arabia’s investment minister Khalid al-Faleh said that in order to meet the requirements of the kingdom’s 2030 vision plan, the country will achieve an annual production capacity of 4 million tons of blue hydrogen by 2030, stabilizing the supply of its local green steel manufacturers. “Saudi Arabia has the ability to become a future steel power by developing hydrogen steelmaking.” He says.
Mr. Fal said Saudi steel demand would grow 5 percent a year through 2025, and the country’s gross domestic product is expected to grow by about 8 percent in 2022.
Falih noted that in the past, Saudi Arabia has relied on sectors such as oil, gas and construction, meaning local steelmakers have focused on developing products for these sectors. Today, the diversification of the global economy has led to a further comprehensive utilization of the country’s mineral resources and the development of new manufacturing industries, which has stimulated demand for new steel products. “With the best industrial infrastructure in the world, resources and technology, and the ability to take advantage of strategic geography, the Saudi steel industry has a competitive advantage in the future.” “He added.
Post time: Sep-20-2022