Demand for UAE steel soaring

ABU DHABI - Demand for UAE steel rose to 1.442 tonnes last year against 1.348 tonnes in 2001. The rise was attributed to the high demand for the commodity to meet the growing demand by the construction sector, which is witnessing a record growth.

By (WAM)

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Published: Sun 3 Aug 2003, 12:14 PM

Last updated: Wed 1 Apr 2015, 7:45 PM

According to a Press release from the Emirates Industrial Bank, demand for the commodity in 2000 was 1.275 million tonnes against 1.327 million tonnes in 1999. It said that local production of steel was 400,000 tonnes of which the Abu Dhabi-based Emirates Iron and Steel Industry accounts for 350,000 tonnes. The Press release said that importation of the commodity last year rose by 12 per cent to reach Dh1.261 billion against Dh1.126 billion in 2001.

In an effort to meet the growing demand of the local market, Abu Dhabi's export for the commodity fell last year by 15 per cent to Dh47 million against Dh55 million in 2001. It said that the local shortfall was met through the importation of the commodity. It attributed the shortfall and the inability to meet the local demand to the fact that until 2001 iron and steel output depended on the recycling of scrap for the production of steel, which is suitable for just a few kinds of construction works.

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