The Abu Dhabi-based company said production of rebar grew by 26 per cent during the first half of the year, compared to the first six months previous year; while the output of wire rod went up by a significant 283 per cent.
In a statement yesterday, the company said exports of steel products more than doubled during the period.
“The company sells around 80 per cent of its products to the local markets, while the rest is exported to Jordan, Saudi Arabia, Kuwait, Oman, India, China, the Far East and Pakistan,” the statement said.
Emirates Steel is a subsidiary of Abu Dhabi Basic Industries Corporation (ADBIC) which is, in turn, wholly-owned by General Holding Company (GHC), an industrial arm of Abu Dhabi government.
“This is a significant increase considering the downturn in local and regional markets,” said Carl Andersson, Senior Vice-President of Operations. “The construction sector is the primary consumer of our rebar and wire rod products,” he added.
“Our objective is to be one of the leading regional companies in steel making. To reach this goal, we are working hard to eliminate bottlenecks in production. Like most steel makers, we have to operate our facilities at full capacity to make a profit,” he pointed out.
According to Venkat A.N., VP of Sales, Emirates Steel has been able to increase market share substantially and has achieved 30 per cent increase in domestic sales volumes during the first half of the year, compared to the same period in 2009. “Emirates Steel to export more than 50 per cent of its wire rod and coil products in 2011, while only 15 per cent of rebar output will be exported,” expects Juma Al Mansouri, AVP of Sales.“On the commissioning of the steel sections mill, during the first quarter of 2012, further export opportunities will be targeted,” he concluded.
The giant steel maker is currently implementing a comprehensive business development plan. Once complete, the Company will be one of the largest and most competitive steel producers in the Gulf Cooperation Council region.
The Company is evolving from its roots of being a simple and relatively low value-added processor of steel into a sophisticated, highly productive manufacturing business with a high added value business model.
It will be among the few regional steel producers with a diversified product range, including rebar in both straight and coil form, wire rod, sections, plate, seamless pipe. In May, Emirates Steel achieved one million man hours without a lost time injury. — firstname.lastname@example.org
Forex traders say the South Asian currency is trading in a narrow range as the support from easing crude oil prices is negated by strong dollar demand
Though no damage has been reported so far, residents should brace for aftershocks, authorities say
Trivandrum International School conducts Annual Inter-House Drama Competition ‘TRINS Broadway’ at Tagore Theatre
The prime minister's office says the amount will be determined from time to time, depending on the humanitarian situation in the Strip