Qatar Steel, a subsidiary of state-controlled Qatar Industries, will achieve full capacity this year following a major expansion, a report said.

The company's direct reduction iron (DRI) production would surge to 2.3 million tonnes and molten steel and rebars to 1.5 million tonnes each by the end of this year, Sheikh Nasser bin Hamad al-Thani, Qatar Steel director, was quoted as saying by Gulf Times newspaper.

The company's steel plant in Dubai will also increase capacity this year, he added.

Qatar Steel's rebar sales in the domestic market rose 23 percent year-on-year, boosted by its exports to neighbouring Saudi Arabia and the United Arab Emirates, the paper said, quoting a company newsletter.

Qatar plans to set up a 1.2 million tonne plant for the production of molten steel, the paper also reported, citing Minister of Finance Youssef Hussein Kamal. - Reuters