12:25PM 30% increase predicted between 2005 and 2008 according to estimate

The Middle East is expected to experience a major surge in demand for steel in the next two years. A local trade body, the Gulf Orgnaisation for Industrial Consulting (GOIC), claims demand for iron and steel will surge from 15m tonnes in 2005 to 19.7m in 2008.

A spokesman for the GOIC said: "Looking at the massive construction projects we are seeing in the region it is quite obvious that we're seeing a boom in the iron and steel industry in the Gulf."

It is estimated that there is a pipeline of a $1trn worth of infrastucture projects planned for the region driving the demand. This is leading to states in the region investing in manufacturing facilities for iron and steel to lessen the need for imports.

Source

QS News