LOC12:30
09:30 GMT
KUN0019 4 GEN 0243 KUWAIT /KUNA-NXC6
IND-KUWAIT-STEEL-PRODUCTION
United Steel Industries covers Kuwait's demand for steel -- Chairman
KUWAIT, Feb 6 (KUNA) -- Following recent company expansions, the United
Steel Industries Company has increased its production capacity of reinforced
steel to 800,000 tons per year, a company executive said.
Company Chairman Awwad Al-Khaldi told KUNA, over the next two years the
company has a plan to increase output of different grades and sizes of steel
on demand in Kuwait to one million tons.
On recent reports of possible shortages in local steel supplies, Al-Khaldi
said, the company's current production levels cover Kuwait's demand, including
that for the government's pending housing projects.
Their production levels also cover the private sector's needs, he said.
In fact the company is exporting the excess steel to neighboring countries,
Al-Khaldi stressed.
Steel prices are subject to fluctuations as the materials needed to
manufacture the product are imported. Prices at the world markets are
increasing, which affects the pricing of the products locally, the chairman
said.
The company, subsidized by the Public Industry Authority, is currently
building a manufacturing plant for materials in Kuwait, which should keep
prices away from too much tug and pull of international fluctuations.
The company is interested in keeping its products available on the market
at competitive prices, Al-Khaldi said.(end)
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KUNA 061230 Feb 07NNNN