Steel demand in UAE continues to grow

Steel demand in UAE continues to grow

According to market reports, as a result of record growth seen in construction sector in the UAE, steel demand in 2002 increased by 94'000 tons compared to 2001 and reached 1.442 million tons. Added to that, imports grew up to Dhs 1.261 billion ($ 343 million) last year with an increase of 12% over 2001 as supply shortages were offset by imports. In line with the aim to meet the upward demand in local market, last year Emirates Iron and Steel Industry's exports declined to Dhs 47 million ($ 15 million) by 15% from Dhs 55 million recorded in 2001. Abu Dhabi based Emirates Iron and Steel Industry is the leading steel producer in UAE with a production capacity of 350'000 tonnes accounting to 87.5% of local production in UAE.