Steel Insights Bureau reported that a lack of demand in the Middle East has stopped new and expansion work of few steel projects.

A report by one of the market information provider said that Saudi Arabia's Atoun Steel billet plant had delayed construction at its project to the Q3 of 2010, from the H2 of 2009. Al Atoun Steel had planned to build a 920,000 tonnes per year billet plant.

A company spokesperson said that "This as an opportunity to review the other investment opportunities in the region."

According to the company, Al Atoun Steel is also undertaking feasibility studies for a direct reduced iron plant. Not very long ago, RAK Steel of UAE has postponed its planned capacity expansion in the UAE to end 2009.

(Source from Steel Insights Bureau)