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GCC steel production to Grow

The completion of 15 ongoing projects is expected to boost steel production in the GCC by 11 million tonnes in the next few years. According to industry sources demand for steel has been rising in the Gulf because of a construction boom and a flurry of industrial and infrastructure projects.

The GCC states invested $6.5 billion on the manufacturing of iron and steel products in 2005, according to the Qatar-based Gulf Organisation for Industrial Consulting (GOIC). The production of steel in the Middle East grew 41.5 per cent between 2000 and 2005, according to a report in the Gulf News.

Production rose from 10.78 million tonnes in 2000 to 15.25 million tonnes in 2005, senior analyst Anil Singh is quoted to have said in a report. The GCC demand for iron and steel products for the year stood at 15 million tonnes. Imports of iron and steel products totalled 14.3 million tonnes in 2005.

GOIC estimated the demand for steel in the UAE at 3.5 million tonnes in 2006.-(via Trade Arabia News Service)

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