Huge infrastructure spending in the Middle East is driving strong demand for steel and fuelling investment in steel projects.
Crude steel production in the Middle East has doubled from 10 million tonnes in 2000, to 20 million last year, at an annual growth rate of about 6 per cent, according to an analysis of the industry by Frost & Sullivan, the international research company.
At the same time, production throughout the Middle East and North Africa (Mena) region has increased from 15 million tonnes in 2000 to more than 28 million by the end of last year, a rise of 5.2 per cent, as the region's production hubs have shifted from their traditional centres in Iran and Egypt, with the GCC countries emerging as the leading steel producers.
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