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Emirates Steel CEO Mr Al Remeithi calls for fundamental shift in GCC steel Industry

Steel News - Published on Thu, 19 Sep 2019

Image Source: al-press.com
Emirates Steel CEO Mr Saeed Ghumran Al Remeithi said that GCC steel producers should shift their focus towards the manufacturing industry as the manufacturing base will continue to grow in the coming years. Mr Al Remeithi said “The GCC steel producers should shift their focus towards the manufacturing industry as the manufacturing base will continue to grow in the coming years. This means that the current situation where the GCC steel industry is focused on the construction sector should be changed. We need to create further opportunities for downstream manufacturing industries in order to stimulate steel’s demand in the region. We believe that GCC governments have put the infrastructure in place, both in terms of industrial zones and transport investment and also regulations, to support downstream manufacturing industries."

Mr Al Remeithi continued that “GCC Steel producers have to focus on improving the supply chain process, reduce operation costs, improve customer’s service in order to be efficient producers and overcome the market challenges which includes the global protectionism, surge of raw material prices, sluggish demand and drop in selling prices. It is within this context that it is so important that we discuss with colleagues in the iron and steel sector opportunities to mitigate the damage from these potent challenges.”

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Posted By : Rabi Wangkhem on Thu, 19 Sep 2019
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