‎Riyadh Steel plans to build new plant, diversify product portfolio: CEO

‎Riyadh Steel plans to build new plant, diversify product portfolio: CEO

Riyadh Steel Co. plans to build a new plant near Riyadh to expand its product portfolio, CEO Ahmed Abdelkareem told Argaam.

Steel regional consumption is forecast to grow 3.3% yearly until 2026, as the region’s steel-consuming projects are estimated at nearly $2.3 trillion, he added.

Riyadh Steel enjoys a robust financial position with a clean balance sheet except for a loan secured by Saudi Industrial Development Fund (SIDF).

The below is the details of the interview:

Q: Would you initially give us a brief on the company, its product portfolio, and the targeted sectors?

A: Incepted over 23 years ago, Riyadh Steel is one of the Kingdom’s leading steel manufactures. It provides sheared scrap, billets, and ASTM A36 standard flat and angle bars at several sizes (30-100mm).

Q: What about the number of production lines and the annual production capacities?

A: Riyadh Steel owns an integrated supply chain and has a total annual capacity of 220,000 tons of sheared scrap, 105,000 tons of billets, and 90,000 tons of angle bars.

Q: What do you expect as regards the demand size for your company’s products in Saudi Arabia over the coming period?

A: According to statistics published at the 2nd Saudi International Iron & Steel Conference 2022, regional steel consumption