MENA steel demand to grow at 8.7% in 2012

Boosted by high oil prices, steel use in MENA is forecast to resume growth in 2012 at a rate of 8.7%, reports The World Steel Association (worldsteel). The association also reported that steel demand in MENA region is expected to fall by 0.9% in 2011, mainly due to downward revisions from North African countries. However, given that the political situation in the region is far from settled, there exist considerable uncertainties to the current forecasts for this region.

"Our current forecast suggests that by 2012, steel use in the developed world will still be at 15% below the 2007 level whereas in the emerging and developing economies, it will be 44% above. In 2012, the emerging and developing economies will account for 73% of world steel demand in contrast to 61% in 2007," worldsteel.