There is a significant imbalance between supply and demand in the region's steel sector due to the extraordinary number of major construction projects, says a report.
Consumption of steel in the Middle East is growing at a phenomenal rate. By 2010 the region is expected to consume 60 million tonnes a year, while it is expected to produce only 35 million tonnes per year.
This massive imbalance between supply and demand therefore means that the business opportunities for those involved in the region's steel sector is immense, said a Meed report.
The cost of steel has almost doubled (an increase of 91 per cent) in the last six months, the report said.
Meed's Middle East Steel 2008 conference next month will explore the key issues and challenges and highlight the enormous potential for those involved in the region's steel industry.
Sponsored by Emirates Steel Industries, the conference will be held between October 12 and 14 at the Park Hyatt Hotel, Dubai.
Edmund O’Sullivan, chairman, Meed events, said: “The Middle East Steel 2008 conference comes at an exceptionally exciting time for this sector. Production in the region is being rapidly expanded to try to keep up with unprecedented demand. The gap between supply and demand, the search for investment by producers and the rise in fuel and energy costs are the biggest issues right now for the industry and ones that will be explored in depth at the conference.
“Anyone who has an interest in the booming Middle East steel market will make exceptional contacts at the conference – including steel producers, traders, raw materials suppliers, construction industry and other consumers and potential investors. Delegates are expected from all GCC countries and further afield including the UAE and Canada, Europe and Asia."
Key steel industry players contributing to the conference include: Abu Backer Husain, COO, Al Ghurair; Ahmad Nazal, head of marketing, Al Rajhi Steel; Vikram Bhatia, director, Alam Steel, Younes Haida, regional director, Arab Iron and Steel Union; Lovraj Talwar, CEO, Emirates Rebar; Braham Sobhan, CEO, Esfahan Steel; Bhaskar Dutta, CEO, Jazeera Steel; Rob Noonan, CEO, Murray Roberts Steel; Fahad Al Thukair, president, Unicoil. - TradeArabia News Service