Quotes: US 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.

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014Sharjah Ladies Club organizes "Sharjah Ladies run" at the University City ,MENAFN Press
(MENAFN Press) Sharjah Ladies Club gears up to launch "Sharjah Ladies run" at the Sharjah University City. With over 250 participants, the activity aims to encourage women and enable them to ...

Apr 24 2014King bids to reassure Saudis as MERS deaths hit 85 ,AFP
(MENAFN - AFP) King Abdullah was in the Saudi commercial hub of Jeddah on Thursday in a bid to reassure a worried public as the death toll from the MERS virus hit 85. The Red Sea city has seen a ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Alcatel-Lucent Enterprise to address the network application challenge with new access switch, added analytics and SDN capabilities ,MENAFN Press
(MENAFN Press) The Enterprise division of Alcatel-Lucent recently unveiled new technology to address the challenges created by pervasive mobility and the explosion of new applications being ...

more...


 
Click to Apply






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
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help