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Iron and carbon are two components that are combined to form steel. There are four different types of steel, and within each type, there are several grades of steel. Steel comes in four primary varieties: tool steels, alloy steels, carbon steels, and stainless steels.
The Syria Steel market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Despite the crisis, Syria continues to invest in steel. Due to investors’ reluctance to invest money in projects in the war-torn nation, new steelmaking and rolling capacity investments are continuing in Syria even if the demand for steel is faltering, market participants.
Following the start-up of its 800,000 mt/y electric arc furnace-based billet factory last year, billboard manufacturer Hadeed Metal Manufacturing Co, newly renamed from Syrian Metal Industries, expects to commission its new 600,000 metric tons/year capacity 8-40mm diameter rebar mill by year’s end.
In the future, rebar will be sold both domestically and internationally to regional markets. The company, located in the nearby Damascus city of Adra Industrial City, sources scrap locally, where it is easily available. Despite the widespread instability in the nation, Syrian rolling mills continue to purchase billet from Hadeed.
The Syrian central bank stopped supporting the import of billets at the beginning of January by refusing to convert Syrian pounds into dollars or euros. However, by buying dollars on the illegal market, where they are noticeably more expensive, re-rollers continue to import.
Earlier this year, Hmisho Steel opened its new 800,000 mt/y meltshop in the Hassia industrial district, close to Homs. Two blast furnaces and one energy-efficient furnace are part of the steelworks. Due to a furnace blower issue, the unit has now been put on hold.
