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FINANCIAL NEWS
GCC steel sector to grow in 2015
08 Dec 2014
(MENAFN) According to the World Steel Association, the Gulf steel sector expected to continue with its growth as the GCC states are among the highest consumers of iron and steel products, well above the global average of 240 kg per person, Saudi Gazette reportd.
The association said that the per capita consumption of finished steel is 323 kg in Saudi Arabia, 385 kg in Kuwait, 1,288 kg in Qatar and 1,309 kg in UAE.
Among the GCC members, the UAE is regarded as the most important hub for trade between Europe and Asia in regards to the metal industry, due to the huge investments the country is making in construction projects.
‘Iron and steel producing countries, especially the European ones, represent a promising new market for Dubai exports. Many countries showed high potential for imports of iron and steel and Dubai is always looking for new markets to export iron and steel,’ General Manager, Al Fajer Information and Services said.
In the MENA region, steel demand is expected to grow by 6.1 percent to 66.7 Mt in 2014 following its increase by 0.9 percent in 2013, while in 2015, steel demand in the region is expected to grow by 9.4 percent.
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