At the Global Steel Summit, Abu Bucker Husain, Chairman of Al Ghurair Iron & Steel, gave a speech about Middle East flat steel products.
Husain said, "The Middle East is an important region in terms of steel production. Al Ghurair Iron & Steel, one of the leading steel producers in the Middle East, is particularly active in this field."
The speaker also provided information on global steel production. He also stated that the European Union is leading in steel production and that the world's steel use will increase in the coming years.
However, according to his analysis, there was a decline in global steel use in 2022 due to the increase in interest rates. He said that this decline will recover by the end of 2023 and that China, Japan and South Korea have a significant share in export growth.
Mr. Husain also briefed on the trade situation in the Middle East and the changes in the region. He noted that India HRC has no shipments to the Middle East or Southeast Asia. He also noted that Türkiye's increase in imports is a boost for Egypt. Mr. Husain mentioned that Iran's crude oil production has decreased, while scrap metal prices have been stagnant due to the Israeli conflict and trade with Saudi Arabia and the EU has been on the rise.