The Middle East’s largest minerals group, Saudi Arabian Mining Company (Maaden), dropped seven places to 32 in the list, with a market capitalisation of just under $8.4bn. Net profits fell to $449m in 2013 on the back of lower prices for diammonium phosphate and ammonia, despite an increase in sales volumes, as well as lower gold prices and sales volumes. Maaden is currently working on two major new developments: Waad al-Shamal Mineral Industrial City, a joint venture with the US’ Mosaic and Sabic; and a new phosphate industry located close to the town of Turaif, near the Jordanian border. Three engineering, procurement and construction contracts for the phosphates city, worth more than $2.3bn, were awarded in January.

Elsewhere in the region, Iranian steel production rose to 15.4 million tonnes last year, up from 14.5 million in 2012, despite strengthened sanctions on the country. Nevertheless, local companies continued to underperform, as the global steel market remained oversupplied and prices have declined as much as 20 per cent. The reduced demand and falling prices have put significant pressure on revenues and profit margins of Iranian companies in the metals sector, with the latest earnings reports revealing an average drop of 10 per cent.

Coupled with increases in the excavation duties paid by companies to the government, the sector has been one of the worst-performing on the Tehran Stock Exchange. The largest firm, Mobarakeh Steel, continued to slide down the table, dropping to 50th place from 41 with a market capitalisation of $5.2bn. National Iranian Copper Industries Company fell to 64th, and iron ore producer Chadormalu Mining & Industrial Company also slid down the rankings to 95th place from 69th in 2013. Gol-e-Gohar Iron Ore Company reentered the list in 78th position with a market capitalisation of $3.69bn.