Steel output to hit 20 million tonnes

The production of raw steel by Arab companies will rise to 20.09 million metric tonnes by the end of 2010, compared to 17 million metric tonnes in 2007, an increase of 23 per cent, according to a report by the Arab Iron and Steel Union. The companies produced 15.587 million tonnes of raw steel over 11 months of 2008, an increase of 1.75 per cent compared to the same period in 2007, the report added. Under the patronage of Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince's Court, Member of the Executive Council of Abu Dhabi and Chairman of Higher Corporation for Specialised Economic Zones (ZonesCorp), the two-day Arab Steel Summit 2009 is to be launched today at the Beach Rotana Hotel in Abu Dhabi. Emirates Steel Industries (ESI), the UAE's largest steel manufacturing company, is sponsoring the summit in coordination with the Arab Iron and Steel Union. The event will address issues impacting the regional and global steel sectors, the global financial crisis and strategic solutions to alleviate the effects of the current situation. The participants will also discuss the competitive strategies of the region's steel producers, as well as market developments and technological advancements. Market research organisations will present data on expected import and export balances for various steel products and related commodities, as well as information on cost-saving strategies. Running concurrently will be the International Steel Exhibition 2009, where participants from the region will showcase their production capabilities and technological solutions that can further develop production and manufacturing capabilities. Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .