Outlook for the growth of global demand for iron and steel and maintain its positive indicators during 2019 and 2020

MEDIA IN \ MADRID 18-04-2019 / WAM /
The World Economic Organization’s (IWC) Economic Committee, chaired by Eng. Said Ghamran Al Rumaithi, Chief Executive Officer of Emirates Steel Company, predicted that global demand for iron and steel will grow by 1.3 percent to reach 1735 million tonnes compared to 2018 and by 0.9 percent in 2020 to reach 1752 million tons.
This came in the report of the Commission’s expectations on the global demand for iron and steel in the short term, which was issued during its semi-annual meeting, which ended yesterday in the Spanish capital, “Madrid”.
Said Saeed Ghamran Al Rumaithi said: “Although forecasts of continued global demand growth in 2019 and 2020, but growth rates will decline in parallel with the global economic slowdown, especially in light of the volatility of the financial markets and the business environment, which is expected to adversely affect On growth rates. ”
“2018 saw global steel and steel demand rise by 2.1 percent after China closed its steel mills using self-induction furnaces, registering slightly slower growth rates than in 2017,” he said.
“Demand for demand is still growing in 2019 and 2020, but in an economic environment that is not conducive to business growth,” said Rumaithi. “Other factors include the slowdown in the Chinese economy, the global economic slowdown and the uncertainties that dominate trade policies and political conditions in many regions. To moderate the indicators of confidence in business and investment. ”
He predicted that the demand for iron and steel in the Middle East will decline by 2.6% to 48.9 million tons, with a recovery in 2020 with demand levels reaching 49.5 million tons, an increase of 1.2%.
Demand for iron and steel in the developed economies grew by 1.8% in 2018, after registering a growth rate of 3.1% in 2017.