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STEEL-TECH - Surging domestic demand

The Middle East produced 21.1 million tonnes of raw steel in 2006 and consumed 41.6 million tonnes of finished goods. The production is expected to rise to 35 million tonnes and consumption to 60 million tonnes of finished by 2010.

In the GCC, demand for steel is growing on the back of high level of economic growth that will continue to fuel the
construction boom as money is pumped into real estate, infrastructure and tourism projects.

Regional production & Expansions
To reduce dependence on imports, the UAE and other GCC states are planning to invest nearly 18 billion US dollars into 46 steel projects to expand output and meet a rapid growth in domestic demand. Saudi Arabia will be the top investor, with more than 4 billion US dollars, while the UAE is expected to pump nearly 2.3 billion US dollars. These projects will boost the region's combined steel production by nearly 10 million tonnes within three years.