Business booms for Attieh Steel.

(From Gulf Construction)

Jeddah-based steel fabricator and stockist Attieh Steel anticipates that high demand will offset any decline in prices

Saudi steel major Attieh Group, which has close to five decades of experience behind it, has been reaping the benefits of a buoyant market and continues to gain strength in the region

The steel market has been booming over the past two years during which prices have been high and demand increasing. This has spelt good news to Attieh, as with all those dealing in the metal, which has supplied to a wide range of projects in the GCC

There has, however, been a major correction in prices in the global market, and prices of steel will soften shortly in the region, says Attieh Group managing director Mohammad Ali Zameli

Zameli, however, is unperturbed as he anticipates a further surge in demand regionwide, which should offset the impact of lower prices

"This drop in prices will not have a negative impact on the steel industry as the demand for steel is very high in the region and continues to rise," he says. "This softening of prices is good news for the construction sector, which can press ahead with major projects, thus increasing the demand for steel. "All in all, given the rise in oil prices, the return of funds from overseas, and the real estate boom, the steel industry will continue to witness good growth," he points out