CEOs of major GCC companies on lessons learned during the pandemic and future of steel industry, MEIS

Managers of some of the Gulf Cooperation Council's (GCC) major steel producing companies - UAE’s Emirates Steel, Saudi Arabia’s Sabic Hadeed and Bahrain’s Sulb - shared their experiences of surviving the pandemic and economical changes of the past few years and their expectations for the future of steel consumption in the GCC and the world during Fastmarkets’ Middle East Iron & Steel Conference in Dubai held earlier in December.

“The pandemic was a shock to the whole world. But we as GCC had a double hit because oil prices went down and projects slowed down or were postponed. The biggest effect was on construction sector. We are talking about 35-40% reduction in steel consumption,” Saeed Ghumran Al Remeithi, chief executive officer of Emirates Steel, said. “Last year was especially difficult for us as a steel mill, especially when it comes to demand side. During the lockdown in the middle of the year, the demand was almost stopped so this has put a lot of pressure on steel sector. It directed us to export some of the material as a relief strategy,” Marwan Al-Mojil, General Commercial Manager of Sabic, said during his speech. According to Al-Mojil: “The oil prices have put a lot of pressure on the government spending. When oil prices reached around $22 per barrel in May 2020, steel consumption...

Published

Vlada Novokreshchenova

December 17, 2021

21:19 GMT

Dnipro