Economy, Domestic Economy

2.6m Tons of Steel in Warehouses

2.6m Tons of Steel in Warehouses2.6m Tons of Steel in Warehouses

Close to 2.6 million tons of steel products are currently stored in warehouses, a figure that accounts for nearly 20% of annual steel production.  Steel sheets make up for the bulk of the stored inventories, Financial Tribune’s sister newspaper, Donya-e-Eqtesad, reported. The steel industry has been grappling with diminished domestic demand as a result of the recession in the construction sector on the one hand, and tough overseas competition, especially from China, on the other.