The Arab Iron and Steel Union concluded the work of the fourth meeting of the Economic Committee in Doha – Qatar, which was held on May 22, hosted by Qatar Steel Company.
Where the committee presented a study on the economic situation of the Arab countries and its impact on the volume of steel production and consumption in the Arab countries. It also discussed the factors affecting the iron and steel market in the Arab region.
Expectations of economic growth in the Arab region rose to 5.4% in 2022, compared to 4.3% in 2021, with the start of easing precautionary measures due to the Corona pandemic, the gradual return of economic activity and oil prices.
Despite the expected economic recovery in 2022, the amount of economic growth remains dependent on several factors, including the rate of vaccination against the Corona virus, oil prices, the extent to which the tourism sector is able to return to before 2020, and the extent to which negotiations progress in politically unstable countries, in addition to the effects of the Russian-Ukrainian war on energy and materials prices Raw and supply chains.
In general, on the level of steel consumption for final products in the Arab countries, the years 2020 and 2021 witnessed a decline in consumption of about 7.2% and 3.2%, respectively, and that it will rise by 9% in 2022 to reach 43.8 million tons.
During the meeting, the figures and statistics issued in the May 2022 report were approved.
This committee is considered one of the most important committees of the Arab Iron and Steel Union, which aims to study the conditions of the iron and steel industry and its repercussions on steel consumption in the Arab countries.