October 07, 2008

Arabian steel output in 2007 up by 16% YoY

According to a report by the Arab Iron & Steel Union, the volume of iron and steel production by Arab companies totaled 24.82 million tonnes in 2007 up by an estimated 16.46% YoY.

The report, which was presented by Mr Mohamed Laid Lachgar, union's secretary general, to the general annual meeting of the union held recently in Sharm el Sheikh, showed that Arab production accounted for 2% of the global production of iron and steel which was estimated at 1.2 billion tonnes in 2007.

According to the report, the iron production of 12 major Arab companies reached 19.579 million tonnes, accounting for 79% of the overall production, while the production of other 45 Arab companies touched 5.25 million tonnes.

The union's report for 2006 pointed out that the UAE topped the list of Arab importers with 6.5 million tonnes, including 2.4 million tonnes in reinforced iron. The UAE ranks 11th among the major importers of Iron and steel worldwide, the report said. The report also showed that up to 2010, the iron industry would witness 97 new projects that would add many products to this sector.