18/12/2017 05:39 AST
Middle East retook the title of world’s fastest-growing region for crude steel production recording an increase of 29.03 million tonnes, according to World Steel data.
A report by World Trade Organisation indicated that the European Union remained the top exporter with a 38 per cent share of world exports of iron and steel.
The Russian Federation rose from sixth to fifth position in 2016, while India climbed from tenth to eighth place.
Satish Khanna, general manager of Al Fajer Information & Services, organisers of Tekno 2017, said: “With growth in infrastructure and construction, the demand for iron and steel is on a surge. This growing demand is an indication of a robust world economy.”
“While countries of the world are witnessing a gush in demand for steel, progress in the Middle East steel market has also been positive,” he said.
Organised by Al Fajer Information and Services, Tekno 2017 is the region’s only international trade show exclusively for the manufacturing, technology and solutions, featuring specialised areas as Tube Middle East, Metal Middle East, Wire and Cable Arabia and Welding and Cutting Middle East.
Khanna added: “With new construction and infrastructure projects underway, the demand for steel will continue to grow across the region and internationally.”
“With this goal in mind, Tekno 2017 will showcase some of the latest innovations in the iron and steel industry and also outline the trends in the coming year,” he said.
It is noted that the overall demand for the iron and steel will increase 1.6 per cent to 1.65 billion tonnes next year, according to estimates by the World Steel Association.
That compares with an underlying growth rate of 2.8 per cent in 2017. Additionally, in 2016 the Middle East retook the title of world’s fastest-growing region for crude steel production, as its four largest-producing nations recorded a combined 7.6 per cent year-on-year output increase to 29.03 million tonnes, according to World Steel data.
Reports indicate that the steel industry is worth about $900 billion a year.
Rupashree Singh, exhibition manager, said: “Steel is used across varied sectors. As such it is used as a barometer to measure the economic growth of the country.”
“With the Middle East witnessing uplift across diverse industries, the region is all set to maintain a positive momentum in the year to come,” he said.
“This year at Tekno 2017, exhibitors and visitors will not only have an opportunity to connect to some of the world’s best players in the iron and steel industry, but also be able to witness some ground-breaking technologies surrounding the sector,” he added.
Featuring various sectors in the manufacturing industry, Tekno is set to bring together a wide array of innovative and cutting edge technologies, smart machinery and material technologies, it stated.
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