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FINANCIAL NEWS
Saudi Arabia’s steel demand to increase 19.5% by 2015
15 Sep 2012
(MENAFN) A new report released by RNCOS showed that steel demand in oil-rich Saudi Arabia has jumped in 2011, on the back of rising construction activities, growing investment in railway, infrastructure and road projects, and cheap and reliable energy supply, Saudi Gazette reported.
In its “KSA Steel Industry Forecast 2015” study, last year’s steel consumption in the Gulf Kingdom saw double-digit growth, estimating demand to increase at a CAGR 19.5 percent during by 2015.
Long products, including rebar, bar, wire, rod, etc., represented the majority of the Kingdom’s production and consumption, according to the study.
The study attributed that to the large number of ongoing infrastructure and construction projects in the country.
The report also noticed that Saudi Arabia’s most iron and steel imports originated from Turkey, while China leads in exports of articles of iron and steel in 2010.
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