Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Emirates Steel Increases Production By 33%  Join our daily free Newsletter

MENAFN - Emirates News Agency (WAM) - 11/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Emirates News Agency (WAM)) Emirates Steel has announced the increase in its steel production volume by 33% through the end of Quarter 3, 2012.

Owned by Senaat GHC, the Company has increased its dispatch of prime quality finished goods by 10% 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 Engineer Suhail M Al Ameri, Emirates Steel's Chairman and CEO of Senaat GHC.

Commenting, Engineer Saeed G Al Romaithi, Chief Executive Officer of Emirates Steel, said that 95% of the Company's finished products were produced from its own manufactured steel, against 83% to the end of Quarter 3 in 2011. "The increased volumes of own manufactured steel has enabled us to remain competitive in the context of the threat of low cost imported materials," he added.

According to figures released yesterday, rebar production increased by 10% in the nine months compared to the same period in 2011, and the output of wire rod increased by 4%. Steel production increased by 33%, and the production of direct reduced iron (DRI) went up by 20%.

"These figures reflect significant increases in our production and sales volumes," said Engineer Al Romaithi. "The construction sector is the primary consumer of our rebar and wire rod products. Our objective is to be one of the leading regional companies in steel making," he pointed out. The Company sells around 70% of its finished products in local markets, while the balance is exported.

He believes that construction projects in the GCC region will be the key driver supporting the steel industry's growth in near term, followed by oil and gas, petrochemicals and other infrastructure projects. "Although some stability is returning to the GCC's construction sector, we believe that infrastructure projects will accelerate the region's recovery over the next few years," highlighted Engineer Al Romaithi.

Emirates Steel's increase in its domestic market share to 60% has been achieved through targeted efforts to support key customers and by pursuing sales policies that assist in bringing stability to the market. As well as focusing on the domestic market, the Company has made sustained efforts to increase its exports to the regional markets, achieving a year on year increase of 30% in export volumes, its most significant export markets being the GCC states.

The first nine months of 2012 have been an exciting period, with the Company progressing the hot commissioning of the first heavy sections mill in the region. The commissioning is ahead of plan and the Company is already marketing its new products and the feedback from its new customers, including steel stockists and fabricators, is positive. This is the latest achievement in the expansion of the Company's integrated steel complex in Musaffah and this step has extended the product range to include large-size sections, beams, columns, angles and sheet pile materials.

 






  MENA News Headlines
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 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 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 2014Australian Federal Parliament Deputy Speaker Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Canberra April 24 - Australian Federal Parliament Deputy Speaker Bruce Scott met here Thursday with HE Qatar's Ambassador to Australia Yousef bin Ali Al ...

Apr 24 20143 GCC countries among top 30 on network readiness index ,MENAFN
(MENAFN) According to an annual global technology survey for network readiness index for 2014, three GCC countries have made it to the top 30 list for the third year in a row, Gulf Daily News ...

Apr 24 2014Morocco Admitted As Observer Member to SICA ,Qatar News Agency
(MENAFN - Qatar News Agency) La Romana Dominican April 24 - Morocco has been admitted as an observer member in the Central American Integration System (SICA) which also includes each of Belize ...

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 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014Aqaba Container Terminal Contributes to Elevating Standards of Pre-School Education ,MENAFN Press
(MENAFN Press) Aqaba Container Terminal (ACT), the world's gateway to Jordan and beyond, recently held a charity dinner in collaboration with the Aqaba Intercontinental Hotel. The event, held at the ...

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 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 2014Dubai Financial Market profit soars in Q1 ,MENAFN
(MENAFN) Dubai Financial Market (DFM) announced a better-than-expected net profit increase in the January-March period of this year, Arabian Business reported. The Gulf's only listed bourse said ...

Apr 24 2014Omani government sells 19 percent stake in Omantel ,MENAFN
(MENAFN) Oman's government could raise as much as USD530 million after selling 19 percent stake in its Omantel, according to Gulf Daily News. Muscat bourse said that the Omani government aims to ...

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 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 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 ...

Apr 24 2014UAE's Jumeirah to expand portfolio in Dubai ,MENAFN
(MENAFN) UAE's Jumeirah Group is planning to add additional hotels to its Dubai portfolio in the following 6 years, Arabian Business reported. The luxury hotelier's president and group CEO said ...

more...


 
Live Currency Rates






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