Gulf Times reported that Qatar Steel, an Industries Qatar subsidiary, has hiked the prices of uncoated and epoxy coated reinforced steel bars of various dimensions.

An IQ spokesman in a communiqué to the Qatar Exchange without giving details said that the hike, effective from this month, is applicable to delivery at site within Doha city.

Qatar Steel had frozen prices unchanged from April 2008 and in November made a 25% cut to bring down costs for the construction industry and hence inflation, which ruled high at near 17% in 2008.

Qatar Steel’s profit fell 5% to QAR 1.16 billion although revenue dropped faster at 35% to QAR 2 billion in the first six months of this year.

(Sourced from Gulf Times)