In 2023, raw steel production in Saudi Arabia stood at 5.39 million metric tons. There was a modest year-on-year increase of 0.71% over the previous year. The past five years have seen an average annual growth rate (CAGR) of approximately 0.58%, reflecting a stable but slow growth trajectory.

Over the next five years, the forecasted CAGR indicates a similar growth pattern of approximately 0.57%, with an overall growth rate of about 2.89% by 2028. This points towards a gradual upward trend in steel production.

Future trends to watch for:

Potential increases in domestic and regional construction activities, which may drive higher steel demand.
Technological advancements and investments in more efficient production processes.
Government policies and economic diversification efforts under Vision 2030, which may boost industrial output.