Engineer Khalid bin Saleh Al-Mudaifer, the Deputy Minister of Industry and Mineral Resources for Mining Affairs, has officially announced that the acquisition of the Saudi Iron and Steel Company, "Hadeed," by the Public Investment Fund, with a 100% stake from the Saudi Basic Industries Corporation "SABIC," marks a significant milestone for the country.
Al-Mudaifer, expounded on the Ministry of Industry and Mineral Resources' comprehensive plan to restructure the iron sector, a pivotal component of the overarching mining strategy. The objective is to fortify the Saudi Arabia's iron sector, making it an attractive hub for investments valued at approximately 35 billion riyals. This undertaking harmonizes with the Kingdom's overarching vision and mining strategy, which anticipates a substantial upswing in the demand for iron over the next decade. This surge will encompass diverse sectors, including construction and surface applications, pushing consumption from 12 million tons to an impressive 20 million tons.