UAE's Magnet initiative expects to see 10% rise in steel consumption

The steel market outlook in the UAE is stable after the rapid rise in the number of infrastructure development projects since the beginning of the year, according to members of the country's Magnet initiative.

Formed in September 2016, Magnet is a UAE-based discussion platform for the steel industry. Members include Conares Steel, Emirates Steel, Hamriyah Steel and Union Iron & Steel.  Steel consumption is expected to increase by 10% in 2017, and domestic production capacity is enough to meet the demand, Magnet said this week. The market is looking promising for the next couple of years, due to the infrastructure projects connected to Dubai's hosting of the World Expo 2020 in Dubai and other announced...

Published

Serife Durmus

April 21, 2017

17:08 GMT

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