Report is expected to increase the demand for iron and steel globally during 2019 and 2020

Abu Dhabi 15-10-2019
The Economic Committee of the World Iron and Steel Organization, headed by Eng. Saeed Ghamran Al Rumaithi, CEO of Emirates Steel, has released a report on its short-term outlook for global steel and steel demand for 2019 and 2020.
The report issued by the organization during its recent meeting in Mexico expected that China will witness a growth in the level of demand for iron and steel by 7.8% to reach 900.1 million tons in 2019, with the level of demand in the rest of the world markets by 0.2% to 874.9 million tons.
The report forecasts 2020 demand for China to rise 1.0%, while steel demand levels in the rest of the world are up 2.5%, driven by 4.1% growth in emerging and developing economies except China.
The global demand for iron and steel remains resilient despite the unstable global economic environment, which is mainly affected by developing and emerging economies.
Saeed Ghamran Al Rumaithi said: “ The current forecast shows that global demand for iron and steel will continue to grow in 2019, exceeding our expectations in light of the current challenges facing the global business environment, mainly due to the high level of demand in the Chinese market. ”