The Arab states are mostly, although not exclusively, developing economies and derive their export revenues from oil and gas, or the sale of other raw materials. Recent years have seen significant economic growth in the Arab World, due largely to an increase in oil and gas prices, which tripled between 2001 and 2006, but also due to efforts by some states to diversify their economic base. Industrial production has risen, for example the amount of steel produced between 2004 and 2005 rose from 8.4 to 19 million tonnes. (Source: Opening speech of Mahmoud Khoudri, Algeria's Industry Minister, at the 37th General Assembly of the Iron & Steel Arab Union, Algiers, May 2006). However even 19 million tons pa still only represents 1.7% of global steel production, and remains inferior to the production of countries like Brazil.