Saudi Arabia's domestic steel production will increase by around 14 percent by 2013 on the back of rising steel demand, according to a report entitled ‘Saudi Arabia Steel Industry Forecast to 2013' released by Industry Research Solutions, a market research and information analysis company.
Steel consumption in Saudi Arabia has been continuously soaring on the back of the fast growing real estate and construction industry. In response to the fast growing domestic demand, many steel manufacturers have started formulating capacity expansion strategies. Consumption of steel is also anticipated to grow due to massive government-backed infrastructure projects. A significant number of infrastructure projects are currently under construction, and a considerable share of the entire costs of these projects will be spent on steel product purchases.