The GCC steel producers must shift their focus to the manufacturing sector as that sector will continue to grow in the coming years, said Engineer Saeed Ghumran Al Remeithi, the CEO of Emirates Steel, the only integrated steel plant in the UAE.
"This means that the current situation where the GCC steel industry is focused on the construction sector should be changed. We need to create further opportunities for downstream manufacturing industries in order to stimulate steel’s demand in the region," remarked Al Remeithi.
"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," stated Al Remeithi while participating in the second session of the conference titled “Middle East and North Africa Steel Outlook.”
During the session, he spoke of the importance of the GCC market to the global steel industry, besides discussing the sector’s ongoing challenges and opportunities.
The conference, which concluded today (September 18) brought together professionals from across the GCC to discuss the status of the current regional steel market, said the statement from
Emirates Steel, a subsidiary of the General Holding Corporation (Senaat).
As a Rhodium sponsor of the conference, the Emirati firm highlighted its commitment to providing opportunities for the steel and iron industry of the GCC to discuss and share updates.
The conference put focus 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.
Al Remeithi called upon GCC Steel producers to focus on improving the supply chain process and reduce operation costs besides improving customer 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.
"It is within this context that it is so important that we discuss with colleagues in the iron and steel sector opportunities to mitigate the damage from these potent challenges," he stated.
Emirates Steel, stated Al Remeithi, has introduced key innovations in its production capabilities, allowing the firm to produce steel more efficiently and recycle waste by-products effectively.
"During the debut Saudi steel summit, I look forward to discussing with partners in the regional steel market the importance of such innovation and how to best implement new technologies," he added.
-TradeArabia News Service
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