Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Emirates Steels revenues up 8% in 2013  Join our daily free Newsletter

MENAFN Press - 16/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Despite sluggish demand levels across the global steel industry, excess steelmaking capacity in the world markets and continuing volatility in raw material costs, Emirates Steel, a Senaat portfolio company, fared well in 2013 with its revenues hitting AED 6.5 billion (c. US 1.8 billion); almost eight per cent higher than in 2012.

Production of long products in 2013 reached 2.6 million tons, an increase of 12% over 2012; of which, 1.7 million tons were rebar, 316,000 tons structural steel and 573,000 tons wire rod. Encouraged by a buoyant project market in the region, the steelmaker sold 3.0 million tons of product in 2013, of which 1.9 million tons were sold in the domestic UAE market. The balance was exported to a diverse range of markets, including Europe, the Far East, the Americas and the Middle East

"In spite of the difficult market conditions our business continued to grow and enter new markets, delivering a solid performance in 2013," said HE Saeed G Al Romaithi, CEO of Emirates Steel. While economic conditions for the global steel sector remain uncertain, many analysts are forecasting demand growth for steel in 2014

In the Middle East and North Africa (MENA) region, the World Steel Association (WSA) expected steel demand to grow by 1.7% only, to 64.3 million tons, in 2013 - after 2.2% growth was recorded in 2012. In 2014 the WSA forecasts steel demand in the region to grow by 7.3%; to reach 69 million tons. HE Al Romaithi believes that construction projects in the GCC will be the key driver in supporting the steel industry's growth in near term, followed by oil and gas, petrochemicals and other infrastructure projects







"The GCC's construction sector is becoming more stable which will drive the demand for steel. But more importantly, the multi-billion dollars infrastructure projects planned across the region will be the main driver and the cornerstone of the region's economic growth in the coming years," he highlighted

2013 was an important year for Nationalization at Emirates Steel. Throughout the year, the steelmaker provided professional education to UAE nationals with more than 624 training courses offered. Their numbers in the workforce also increased, pushing their ratio to 19 per cent. This percentage is expected to further increase to around 30 per cent in 2018

HE Al Romaithi added; "the operating environment in the year 2013 continued to be challenging but we, with the support of Senaat, delivered progress in a number of important areas". In May, Emirates Steel dispatched its first shipment of structural steel to the American and Mexican ports of Huston and Altamira, a move which provided tangible evidence of the recognition of the company and its growth potential in the global marketplace.

"We have succeeded in exporting our products to our regional markets, in addition to the Indian sub-continent, Asia and Africa. With our recent sales to Europe and the Americas we have now extended our global footprint to establish a measured presence in these developed markets," said Al Romaithi

In September the company made its first delivery of UAE“produced nuclear grade reinforcing steel to Barakah, the site of the UAE's peaceful nuclear energy program. Further orders will be placed over the next seven years as the construction of ENEC's four nuclear energy plants progresses.

In November, the company joined hands with Abu Dhabi National Oil Company (ADNOC) and Masdar, the nation's renewable energy company, in developing a carbon capture, usage and storage (CCUS) project. The project will involve ADNOC and Masdar building a 123 million CO2 compression facility and a 50 kilometer pipeline, along which the captured CO2 will be pumped to ADNOC's oilfields.

Emirates Steel is a key partner in this project; the CO2 generated in the company's plants will feed the project when it goes operational in 2016 and the compression plant will be located close to Emirates Steel's premises. The project will sequester up to 800,000 tons of CO2 annually “ the effective elimination of a major element of Emirates Steel's carbon footprint, which will improve ADNOC's oil recovery.

"CCUS presents a viable technology for energy-intensive industries to lower their carbon footprint. By capturing and storing its CO2 stream, Emirates Steel will be setting a clear example in the support of Abu Dhabi's sustainability objectives

"This is far from the first time that gas has been pumped underground to improve oil recovery, and in the past the UAE has used surplus hydrocarbon gases for this purpose. However, with the increasing demand for energy the CCUS project will allow the UAE to preserve its natural gas for domestic electricity generation," said Al Romaithi.









Emirates Steel enters 2014 with optimism, the company looks to maintain its growth and deliver an enhanced range of products and service levels to its customers, and to deliver even more impressive results for its stakeholders



About Emirates Steel
Emirates Steel is owned by SENAAT, the UAE's largest industrial conglomerate and a driving force for implementing the Abu Dhabi government's industrial diversification policy. Strategically located in the Industrial City of Abu Dhabi, some 35 kilometers away from the heart of the city of Abu Dhabi, Emirates Steel is the only integrated steel plant in the UAE, utilizing the latest rolling mill technology to produce rebar, wire rod and heavy sections. Established in 1998, Emirates Steel grew in a relatively short period of time from a simple re-roller of imported steel billets to a complex integrated manufacturing plant, using modern solutions to tackle traditional industrial problems to generate value for its various stakeholders. In 2012, the Company began producing at a capacity of 3.5 million MTPA, following two expansions and the investment of around AED 11 billion (US 3 billion).Emirates Steel's underlying business goal is to be an efficient and competitive producer of finished steel products. To achieve this, the Company continually and significantly invests in expansions in the areas of processing, manufacturing and information technology. In addition, these investments help to improve product and service quality, reduce the Company's environmental footprint and increase safety for workers and customers.

 


MENAFN Press




  MENA News Headlines
 Dec 27 2014 - Saudi lifts up state spending to record in 2015MENAFN
(MENAFN) Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, The Peninsula Qatar reported.The government's decision is set to ...

 Dec 27 2014 - Flydubai logs record year in 2014MENAFN
(MENAFN) Flydubai said it had a record year in 2014, having launched 23 new routes and created a network of 89 destinations across the GCC, Europe, Africa and the Indian Subcontinent, Gulf News ...

 Dec 27 2014 - Saudi foreign trade to grow 5.5 percent in 2015MENAFN
(MENAFN) Saudi policies have been 100 percent successful as evidenced by the largest budget in the country's history for 2015, which envisages USD229 billion spending during the new year, Arab News ...

 Dec 27 2014 - UAE- Three arrested for stealing power cables worth Dh66 millionKhaleej Times
(MENAFN - Khaleej Times) Firms urged to guard construction sites with enough security staff Ras Al Khaimah: The Ras Al Khaimah (RAK) Police have arrested three Asian men for their involvement in ...

 Dec 27 2014 - Qatar A team clinches 16th GCC Volleyball Championship titleThe Peninsula
(MENAFN - The Peninsula) The winning Qatar A team's players pose for a group photo along with the officials after defeating Bahrain A team in the final of 16th GCC Beach Volleyball Championship at ...

 Dec 27 2014 - Bahrain- Anti-govt protestThe Peninsula
(MENAFN - The Peninsula) Shia protesters in Bahrain hold up national flag as they take part in an anti-government demonstration in the village of Jannusan, west of capital Manama, yesterday. The ...

 Dec 27 2014 - Jordan denies IS shot down its warplaneThe Peninsula
(MENAFN - The Peninsula) Jordan's military yesterday denied claims by the Islamic State group to have shot down one of its warplanes which crashed in Syria, after the pilot was captured by the ...

 Dec 27 2014 - Yemen- Protest in Sana'aThe Peninsula
(MENAFN - The Peninsula) People demonstrate against the deployment of armed militia of the Shia Houthi movement in Sana'a yesterday. ...

 Dec 27 2014 - Qatar- Gold loses sheen, to end 2014 on flat noteThe Peninsula
(MENAFN - The Peninsula) Gold has lost its sheen this year and is all set to end 2014 on a flat note, leaving investors disappointed. Prices are hovering around the same level seen at the beginning ...

 Dec 27 2014 - Qatar to host 19th meeting of GCC Environment MinistersThe Peninsula
(MENAFN - The Peninsula) Qatar has taken part in the 18th session of GCC ministers in charge of the environment in Kuwait.The Minister of Environment H E Ahmed Amer Mohamed Al Humaidi led Qatar's ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help