A recent market research report suggests that the UAE steel industry is expected to grow by more than 200% by 2012, with oxygen consumption and industrial gas demand potentially set to prosper as a result.
The UAE is one of the most promising steel markets in the GCC region, where production reached 1.7 million tonnes in 2006, and the UAE Steel Industry Analysis estimates growth of around 235% in the region over the next four years.
A construction boom, cheap and reliable gas and energy supply besides geographical positioning are the major driving forces for the steel industry in the UAE.
Steel consumption in the UAE is highly influenced by the boom in construction and infrastructure development. The value of construction contracts awarded by the end of 2007 is estimated at $32.8bn when compared to $16.1bn at the end of 2005.
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