The latest data released by the World Steel Association has unveiled a significant turning point in steel production within the Persian Gulf Cooperation Council (GCC) member countries between 2018 and 2022. This period marked a pivotal transformation in the steel industry for three of the six GCC nations.
According to the statistics, GCC nations, which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, witnessed a noteworthy shift in their steel production landscape during this four-year span.
Saudi Arabia's semi finished steel production showed consistent growth from 2020 to 2022, increasing from 7.775 million tons to 9.86 million tons. .In the UAE, steel production also rose steadily over the same period, going from 2.5 million tons to 3.211 million tons. Oman's production followed suit, increasing from 2.5 million tons in 2020 to 3 million tons in 2022. Meanwhile, Kuwait maintained a steady production of 1.3 million tons every three years. Bahrain's production mirrored Kuwait's at 0.9 million tons in 2020, remaining the same in 2021 and 2022. Qatar had a different procedure from other GCC countries and in 2020, after its steel production, it started to decline.
The turning point came in the year 2020 when three of these countries experienced a remarkable change in their steel output. industry experts suggest that a combination of factors, including global economic conditions, domestic demand, and infrastructure development, could have contributed to this pivotal moment in the region's steel production. As steel production plays a pivotal role in various sectors, including construction, manufacturing, and infrastructure development, the shift observed in 2020 could have far-reaching consequences.