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Emirates Steel boosts output by 33% in 9 months  Join our daily free Newsletter

MENAFN - 12/11/2012

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(MENAFN) Emirates Steel reported a 33 percent increase in steel output in the first three quarters of 2012, as it seeks to benefit from a pick-up in construction activity, Reuters reported.

CEO Saeed Al Romaithi said construction projects in the GCC will be the main driver for the steel industry's growth in the near term followed by oil and gas.

The Abu Dhabi-government owned company said rebar output climbed 10 percent, while wire rods grew by 4 percent. Direct reduced iron was also up by 20 percent and steel production increased by 33 percent, compared to a year ago.

In September, Emirates Steel said its phase two expansion boosted production to 3.5 million tones per annum (mtpa), and eyes to ramp up output further to around 5.5 mtpa over the next three years.

The company sells 70 percent of its finished products in local markets, while the balance is being exported.

Emirates Steel is owned by Seraat General Holding Company, which is wholly owned by Abu Dhabi Government.

 






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