The steel industry in the United Arab Emirates has been negatively affected by the spread of the Coronavirus COVID 19, like other countries around the world.
In addition, demand for steel products declined due to the near completion of most major projects in the UAE and the decline in construction activity.
According to the latest figures announced by BNC Network, the total value of announced projects decreased by 17% year-on-year to reach $53.8 billion in the first quarter.
The New York Times also announced that the economic slowdown in Dubai could lead to a decline of 5% to 6% of GDP this year.
Those working in the flat steel market believe that the coming months are not positive due to weak demand and the government’s announcement of severe spending cuts.