Kuwait to export steel into Saudi Arabia

Tuesday, 09 September 2003 17:32:47 (GMT+3)   |  
       

Kuwait to export steel into Saudi Arabia

The Gulf Cooperation Council (GCC) states have stopped steel exports into Saudi Arabia due to a decrease in steel prices by about SR200 (SR=Saudi Arabia Riyal) ($53.3) per ton in Saudi Arabia . However, an agreement is signed with Kuwait, which is among these states, to supply 100'000 tons of steel products to the country during the next four months. It is also reported that a system is already set up to transfer steel from Kuwait to Saudi Arabia. According to recent news in the market, Saudi Arabia's Ministry of Commerce and Industry has grant ed industrial licenses to certain companies that produce the material needed for steel production . These licenses may increase the investments in iron and steel sector, as the annual volume in the sector amounts up to 3.5 million tons that corresponds to SR 30 billion (around $8 billion).