MOEI discusses the role of the iron and steel sectors in the Gulf countries in reducing risks internationally
Thursday, December 13, 2018
His Excellency Dr. Matar Al Neyadi, Undersecretary of the Ministry of Energy and Industry in the government of the UAE, opened the 22nd Middle East Iron and Steel conference in Dubai yesterday by discussing ongoing regional and international trends, and how the iron and steel sectors of the GCC could work toward mitigating risks inherent in a turbulent international market, and seizing on new opportunities available to them.
His Excellency addressed the Middle East Iron and Steel Conference alongside H.E. Abdulaziz Alrasheed, Deputy Minister for Economic Affairs in the Ministry of Economy and Planning for the government of the Kingdom of Saudi Arabia. Addressing the conference, His Excellency spoke of the changes which the industry has recently faced, including new and growing trade protocols or increased requirements regarding environmental sustainability.
In addition, His Excellency spoke on the opportunities presented by digitalization, innovation and the use of new technologies in steel production, remarking that the steel industry in 2016 invested 13% of its revenue in capital investment projects and process improvements, including advanced technologies.
His Excellency concluded by stating that “we endorse the industry opinion which predicts a stable and resilient outlook for the global and regional steel industry in 2019.
“We believe that the steel industry has a bright future to companies that put innovation, bold visions and sustainability at the heart of their business strategy.
“We will continue to support a continued dialogue between governments and steel manufacturers to ensure a healthy industry and fair competition.”
After His Excellency concluded his speech, the conference was addressed by the CEO of Emirates Steel, Engineer Saeed Ghumran Al Remeithi, who spoke of the supposed pressures being placed on the national steel industry by increased protectionist policies being undertaken by national players across the globe. Whilst he recognised the issue, he remained confident about the growth of the UAE’s steel sector, and Emirates Steel’s performance as a steel producer.
Al Remeithi also spoke regarding the regional demand for steel, and the effects that a slow-down in Chinese steel production has on the GCC heavy industry sectors. He complemented such comments by noting that the market is now looking for value added products, and referenced Emirates Steel’s certification by the American Society of Mechanical Engineers to produce nuclear grade steel as an example of how regional manufacturers can ensure their products are able to complete in turbulent international economic markets.
Concluding, Al Remeithi outlined Emirates Steel’s priorities for 2019, stating that whilst the international market situation was increasingly turbulent, the company would continue to focus on ensuring that its manufacturing capacity is at full efficiency, to explore new markets, and to continue to expand Emirates Steel’s already diverse range of products.
The Middle East Iron and Steel Conference brings together the region’s steel and iron manufacturers for three days in Dubai, allowing for the industry to exchange ideas, swap best practices and look forward to the ongoing trends within the iron and steel industries nationally, regionally and internationally.
Emirates Steel’s status as the conference’s Platinum Sponsor demonstrates its continued support in the development of the regional iron and steel industries, recognising the vitality that these sectors have in providing wider economic benefits across the Middle East and North Africa, particularly in supporting the energy and construction sectors. Through continuing to support conferences of this type, Emirates Steel seeks to expand the regional heavy industry sector.