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Arab countries need more steel capacity to cut imports: AISU
- Middle East: Saturday, October 06 - 2012 at 01:49
According to the Arab Iron & Steel Union (AISU), Arab countries need to raise their steelmaking capacity to cater to the growing demand from investments in residential housing and infrastructure, and reduce their heavy reliance on imports, Platts has reported. Saudi Arabia, for example, has increased crude steel output from 4.67 million mt in 2008 to an estimated 6.9 million mt in 2012, but the country still suffers from a billet deficit and sees growth in rebar imports as new construction projects accelerate, said AISU regional director in Egypt Adel Hussein. The Gulf is forecast to invest some $285bn in new construction projects between now and 2016, which will require around 47.5 million mt of steel, according to Hussein, meaning imports are likely to continue in the near future. In 2012, Mena countries are forecast to produce 23.2 million mt or 1.45% of the world's crude steel.
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