More than Half the Steel Industry has come across Fakes
– More than half of steel companies operating in the Middle East and North Africa (MENA) market have reported counterfeit cases, a new study has revealed.
Commissioned by the Steel Alliance Against Counterfeiting (SAAC) – which was set up in 2015 to raise awareness of fake steel – the study involved responses from 70 contractors, consultants and product suppliers in a bid to uncover the extent of the illicit trade across the region.
The research revealed that 53 per cent of the steel industry in the region had at some point in day-to-day operations come across a suspected counterfeit steel product.
Bertrand de Rotalier, managing director, Middle East, at Vallourec, said the private and public sectors should work even more closely together to apply preventive measures and curb the illicit trade in fake steel.