Oman to invest $5 billion in domestic steel industry in 2008

Dubai: Oman is aiming to become one of the Gulf region's top iron and steel producer, with plans to invest $5 billion to boost productivity and construct new facilities.

As a relative newcomer to the steel sector, Oman has witnessed significant growth in its steel industry in the last few years.

Industry analysts are optimistic of Oman's potential to become a major steel producer in the region, with the government taking substantial investments in developing its steel production capacity primarily to supply the burgeoning local consumption, which is expected to hit 1.1 million tons by 2010.

Danube Building Materials FZCO, construction, interior decoration and shop fitting industry, has announced that it will be channelling Dh50 million to develop a new steel facility in Mabella, Oman.

The facility will function as the logistics hub for Danube's operations in Oman and will facilitate the storage of all stock including deformed bars and other structured steel like angles, channels, and plates.