Qatar may be site of $5bn steel project

Qatar could be one of the sites selected for a $5bn steel project which will serve the Middle East North Africa (MENA) region. The project is unique in that it will be located in different parts of MENA with the upstream side to be sited in countries rich in iron ore and coal and the downstream segments are to be located in countries where there is high demand for steel, such as Qatar and other GCC states. Qatar and the UAE, in particular, are in the midst of a construction boom and steel is a key raw material requirement. The steel-manufacturing company - HadeedMENA _ will have a production capacity of 8m tonnes per annum and at a later stage, production capacity will be ramped up to 12m tonnes. Islamic investment bank (GFH) came up with the idea of the project keeping in mind the shortfall in domestic steel production in... [read full story]