Demand for steel in the Middle East region recorded an increase of 2.1% in 2018
The World Steel Association (worldsteel), headed by Saeed Ghumran Al Remeithi, CEO, Emirates Steel, a SENAAT (Abu Dhabi) company and the Chairman of the worldsteel Economic Committee, released its Short Range Outlook (SRO), during its bi-annual meeting Tokyo, Japan.
According to the report, worldsteel projects global steel demand will reach 1,657.9 million tons (MT) in 2018, an increase of 2.1% over 2017. In 2019, it is forecast that global steel demand will grow by 1.4% to reach 1,681.2 MT.
“In the Middle East region demand for steel increased by 2.1%, reaching 54.5 MT this year. In 2019, steel demand is anticipated to grow by 1.2% to reach 55.1 MT. Structural reforms and rising oil prices have helped boost the slow upward growth of steel in the GCC region,” Al Remeithi concluded.
