Rising demand to push steel production in Saudi Arabia
The Saudi Gazette reported that Saudi Arabia's domestic steel production will grow at a CAGR of around 14% to 2013 on the back of rising steel demand. The report provides a detailed study of the steel industry outlook in Saudi Arabia till 2015. The report noted that the consumption of steel is anticipated to gain an uninterrupted momentum from the government backed massive infrastructure projects. Government sources said that an estimated USD 400 billion investment will be spent on large infrastructure projects during the next 5 years. This will further boost the steel demand in the country and take iron and steel consumption to over 26 million tonnes by 2015. The Kingdom has shown strong resilience against the economic slowdown, the report said. As a result, Saudi Arabia's steel industry is once again striving hard to achieve exponential growth trajectory and many steel manufacturers have started formulating capacity expansion strategies in response to the fast growing dome...