Iron ore cost to hurt steel plants

Iron ore cost to hurt steel plants. (REUTERS)

The high cost of iron ore in the international market could adversely affect expansion plans of steel manufacturing units in the UAE, delivering a double whammy after the economic downturn deflated steel prices earlier.

Expansions at two leading steel mills in the UAE – RAK Steel and Al Ghurair Iron and Steel – are already on hold due to the sharp decline in the demand for steel.

 

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