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| TITLE |
Steel demand in Middle East to grow in 2010 |
| WRITER |
administrator |
DATE |
2010-03-24 18:59:36 |
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Steel demand in Middle East to grow in 2010
Wed, 24 Mar 2010
Driven by booming building industry and basic infrastructure, the demand for steel in Egypt and Saudi Arabia will be strong in 2010, boosting the entire consumption of steel in Middle East and North Africa.
It is expected that the total steel demand in both areas will surge by 8 to 10 percent in 2010 from a year ago.
Egyptian government propels its building industry on basic infrastructure and the issue of lack of habitation also makes steel demand more hectic. As a result, Arabian Sabic, Turkish Erdemir, and Egyptian Ezz steel mills are going to hike their steel price recently.
On the other hand, Saudi Arabia and Iraq will be the main countries of steel consumption in Middle East because Saudi Arabia will increase its steel production by at least 50 percent in next three years to meet the petrol-chemical industry.
Iraq is also attempting to attract large-scale investments from overseas to rebuild industry development such as construction, hospital and refinery.
Source from Yieh News |
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