(MENAFN - Arab News) Emirates Steel has announced the increase in its steel production volume by 33 percent through to the end of Q3, 2012.
Owned by Senaat GHC, the company has increased its dispatch of prime quality finished goods by 10 percent 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 Suhail M. Al-Ameri, Emirates Steel's Chairman and CEO of Senaat GHC.
"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," he added.
Saeed G. Al-Romaithi, CEO of Emirates Steel, said 95 percent of the company's finished products were produced from its own manufactured steel, against 83 percent to the end of Q3, 2011.
"The increased volumes of own manufactured steel has enabled us to remain competitive," he added.
According to figures released yesterday, rebar production increased by 10 percent in the nine months compared to the same period in 2011, and the output of wire rod increased by 4 percent. Steel production increased by 33 percent, and the production of direct reduced iron (DRI) went up by 20 percent.
"These figures reflect significant increases in our production and sales volumes," said Al-Romaithi. "The construction sector is the primary consumer of our rebar and wire rod products. The company sells around 70 percent of its finished products in local markets, while the balance is exported.