Arab Today, arab today emirates steel posts 33 production rise
Last Updated : GMT 16:24:29
Arab Today, arab today
Arab Today, arab today

Emirates Steel posts 33% production rise

Arab Today, arab today

Arab Today, arab today Emirates Steel posts 33% production rise

Dubai - Arabstoday

Emirates Steel has announced by 33 per cent rise in its steel production volume through the end of the third quarter of 2012, with the company — owned by Senaat GHC — also increasing its dispatch of prime quality finished goods by 10 per cent compared with the levels achieved in the same period of 2011. “Despite the challenging conditions faced in both our domestic and regional markets, the company has delivered a strong performance in the first three quarters, delivering volumes which were underpinned by the excellent performance of our Phase 1 assets and the continuing ramp-up of our Phase 2 steel manufacturing plants,” said Eng Suhail M. Al Ameri, Emirates Steel chairman and Senaat GHC chief executive officer. “The expansion plans of Emirates Steel are in line with the government’s long-term initiatives to develop and diversify the Emirate’s economy. The plants we have commissioned are delivering operational results ahead of expectations, supporting our contribution to the broadening of the Emirate’s GDP and creating high quality job opportunities for UAE nationals.” Emirates Steel CEO Eng Saeed G. Al Romaithi said that 95 per cent of the company’s finished products were produced from its own manufactured steel, against 83 per cent at the end of the third quarter of 2011. “The increased volumes of own manufactured steel has enabled us to remain competitive in the context of the threat of low-cost imported materials.” According to figures released, rebar production increased by 10 per cent in the first nine months compared to the same period in 2011, and the output of wire rod increased by four per cent. Steel production increased by 33 per cent, and the production of direct reduced iron went up by 20 per cent. “These figures reflect significant increases in our production and sales volumes,” said Eng Al Romaithi. “The construction sector is the primary consumer of our rebar and wire rod products. Our objective is to be one of the leading regional companies in steel making,” he pointed out. The company sells around 70 per cent of its finished products in local markets, while the balance is exported. He believes that construction projects in the GCC will be the key driver supporting the steel industry’s growth in near term, followed by oil and gas, petrochemicals and other infrastructure projects. “Although some stability is returning to the GCC’s construction sector, we believe that infrastructure projects will accelerate the region’s recovery over the next few years.” From : Khalij

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