In 2024, Qatar Steel's sales volume amounted to approximately 2.7 million tons of various products, an increase of 38.1% year-on-year, according to the corporate report. DRI/HBI came in first place with a volume of approximately 1.4 million tons and a percentage of 53% of the sales volume and an increase of 167% compared to sales in 2023. While rebar sales accounted for 44% during the mentioned period, with a decrease of 8% to reach 1.2 million tons, followed by billet sales with a volume of only 81 thousand tons. The geographic analysis of revenues shows a significant boost in sales to the Middle East region, which accounted for 47% of the sector’s revenues, compared to 28% in 2023. The local and Asian markets witnessed a slight decline, contributing 30% and 16% (compared to 34% and 29% respectively in 2023). Due to the strong demand for products, the company decided to restart its DR-1 plant in the fourth quarter of 2024, expand production capacities and take advantage of the potential demand for low-carbon steel, as Qatar was one of the countries that increased its crude steel production in 2024 to approach 1.2 million tons, an increase of 2.6%, according to World Steel data.
Qatar Steel sales in 2024 thousand tons
Product | 2024 | 2023 | Y-o-y |
DRI/HBI | 1,447 | 542 | 167 |
Rebar | 1,185 | 1,290 | -8.1 |
Billet | 81 | 133 | -39.1 |
Total | 2,713 | 1,965 | 38.1 |