Solb Steel announced that it has signed a Memorandum of Understanding (MoU) with the National Industrial Development Center (NIDC) during the Future Minerals Forum held in Riyadh, focusing on the production of special quality steel. The agreement aims to accelerate industrial localization and create new employment opportunities in line with the objectives of Saudi Vision 2030.
Under the scope of the MoU, the parties have established a framework for cooperation in the production of Special Bar Quality (SBQ) steel and round steel billets. Solb Steel will be responsible for the development and operation of production processes, while NIDC will focus on enhancing technical know-how and technology transfer to strengthen local production efficiency and supply chains.
The agreement also covers the coordination of regulatory requirements, the exchange of technical expertise, the assessment of integration opportunities within production processes, and joint initiatives aimed at increasing local content ratios.
Commenting on the agreement, Solb Steel Board Member and CEO Misfer Al-Hajri stated that the MoU provides an institutional framework for producing special quality steel in line with international and local standards, highlighting that the cooperation represents an important step toward industrial localization and sustainable growth.
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