Gulf Finance House's investment on a new steel farm

Tag : Surplus Steel

Gulf Finance House  would invest about $5 million to build a new steel company because of the great demand.
HadeedMENA would have initial capacity of 8 million tons of steelper year for the next four years, Gulf Finance said in a statement,without clarifying whether the production would take place at oneor more plants.
It said output could reach 12 million tons of steel in the future,the company said in the statement, without giving a specifictimeframe.
While upstream production will be located in countries rich in ironore and coal, downstream activity will focus on countries that havehigh demand for the metal in the Middle East and North Africaregion.
Global rebar consumption reached 218 million tons last year. Around65-70 percent of consumption comes from the Middle East and Asiawhile the highest consumption per capita is in the UAE.
Demand for iron and steel in the world