The Gulf Organization for Industrial Consulting (GOIC) has predicted that the Gulf Arab countries' demand for iron and steel will increase 31 percent by 2008 due to the strong demand for
construction materials.
Iron and steel demand is expected to increase from 15 million metric tons in 2005 to 19.7 million metric tons by 2008.
“Looking at the massive
construction projects in the Gulf, it is obvious that there will a boom in the iron and steel industry in the region” an analyst at the GOIC's Industrial Market Intelligence Department said.