Qatar Steel (QASCO) has decided to stop its steel exports due to a 45 percent increase in local demand due to the construction boom in the country.
QASCO officials, in a statement, said the company has decided not to export anymore in order to meet the increased demand in Qatar. "This development reflects the strength of national economy and the dynamism of the construction sector," the statement said.
Speaking on the occasion of QASCO’s 30th anniversary celebrations, H E Yousuf Hussain Kamal, Minister of Finance and Economy and Chairman of Qatar Steel said: “The economic and industrial boom has imposed on Qatar Steel the necessity to keep up with the factual trends and rational developments taking place in the country. Our main aim has always been to contribute in building Qatar as a state of institutions, and contributing to the economy and growth.”
Kamal also said a journey of 30 years has led Qatar Steel to achieve several international awards because the company’s products exceed the international quality standards. “All of this is definitely due to an integrated work ethic and a united vision that constitutes the basis for Qatar Steel,” he said.
Established in 1974, QASCO began production in 1978 and became the first integrated steel plant in the Arabian Gulf. With a factory located in Mesaieed Industrial City, QASCO supplies steel billets, hot rolled reinforcing bar and plain round bars of various cross sections and sizes.
Qasco was originally formed as a joint venture between the Government of Qatar and two Japanese companies, Kobe Steel and Tokyo Boeki. In 1997, the foreign partners were bought out and the company became wholly owned by the government.
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