Saudi plans to become steel powerhouse by developing hydrogen steelmaking.
Saudi Arabia's Investment Minister Kelid al-Falih said that in order to meet the requirements of Saudi Arabia's 2030 Vision Plan, the country will achieve an annual production capacity of 4 million tons of blue hydrogen by 2030, and stable supply to its local green steel manufacturers. Saudi Arabia has the ability to become a future steel powerhouse by developing hydrogen steelmaking.
Falih believes that Saudi steel demand will grow by 5% annually until 2025, and the country's gross domestic product is expected to grow by about 8% in 2022.
In the past, Saudi Arabia has relied on oil, gas, construction and other industries, which means the country's homegrown steelmakers have been focusing on developing products for these industries. Today, the diversification of the global economy has led to a further comprehensive utilization of the country's mineral resources and the development of new manufacturing industries, which in turn stimulates demand for new steel products.
Falih believes that Saudi Arabia has the best industrial infrastructure in the world, as well as resources and technological advantages, and can make good use of strategic geographical advantages, and the Saudi steel industry will have a competitive advantage in the future.
