The global excess of steel production capacity is resulting in increased volumes of imports into the Middle East, BS Shetty of Al Ghurair Iron & Steel (AGIS) told an industry conference on Monday November 5.
Steel mills in China and India have more than 50% of the world's steel production capacity, and they get export incentives, Shetty told delegates to the Arab Iron & Steel Union Summit in Amman, Jordan. He is commercial general manager of AGIS, a flat steel re-roller and galvanizer based in the United Arab Emirates.In addition, he said, countries such as China, India and Turkey have lower production costs because of the depressed values of...