• Emirates Steel has achieved AED 5.8 billion in revenue in the first nine-months of 2018
• Emirates Steel exported products to 40 countries and maintained a domestic market share of 60%
Abu Dhabi, UAE – 12 November 2018: Emirates Steel, the operator of the UAE’s only integrated steel plant and a subsidiary of the General Holding Corporation (SENAAT), announced its achievement of AED 5.8 billion in revenue in the first nine-months of 2018 during its participation in the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) 2018. The event is being held under the patronage of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, from 12-15 November at the Abu Dhabi National Exhibition Center.
During the opening day of ADIPEC, Emirates Steel announced its achievement of an 18% increase in revenue (AED 5.8 billion) in the first nine-months of 2018, as compared to the same period in 2017 (AED 4.8 billion). In addition, Emirates Steel has delivered a solid 14% increase in earnings before interest, tax, depreciation and amortization (EBITDA) and reduced its debt to equity ratio from 46% at the end of 2017, to 35% at the end of September 2018.
Emirates Steel is showcasing its steel product range at ADIPEC, which are uniquely suited to meet the requirements of the oil and gas industry. Emirates Steel’s participation in the event for the fourth consecutive year is a reflection of ADIPEC’s status as the largest oil and gas event in the Middle East.
“Our consistent participation at ADIPEC is a result of our commitment to becoming a leader in the manufacturing of high-quality steel products with the highest standards of safety and sustainability. Respecting the environment and caring for the health and safety of our employees are central elements of our mission and vision,” said Eng. Saeed Ghumran Al Remeithi, CEO of Emirates Steel. “The positive results achieved by Emirates Steel in the first nine-months of the year clearly indicate the success of our resilient business model, despite the continuing challenges faced by the metals and steel industry globally.”
During the exhibition Emirates Steel also announced that in the first nine-months of 2018 export sales to 40 countries accounted for 19% of total volumes, with the remaining 81% being consumed within the UAE where the company maintains a 60% market share. Emirates Steel produced 2.4 million tons of steel in the first three quarters of 2018, in line with the volumes achieved in 2017.
“We will rely heavily on the heavy sections mill as we continue to implement our expansion strategy, further targeting new markets,” said Eng. Al Remeithi. “The plant was commissioned in 2013 and a 5% growth in volumes has been achieved in 2018; with the total production in 2017 being 540,000 tons. In addition, we are continuing to produce a range of rebar and wire rod products.”
“ADIPEC provides us with the opportunity to showcase our wide range of high quality steel products developed specifically for the oil and gas industry and to expand our existing strategic partnerships, as well as create new ones through knowledge exchange and sharing best practices,” said Eng. Al Remeithi.
As a part of its participation in ADIPEC, Emirates Steel also highlighted its achievement of 21% Emiratization, with 75% of the company’s executive management team composed of UAE Nationals.
“In addition to showcasing our existing product range at ADIPEC, we are keen to understand the upcoming needs of participants in order to develop new products and provide our customers with the technical services and solutions they require. Emirates Steel is dedicated to increasing value for our customers and shareholders. In the process, we are continuously working towards realizing our vision of becoming a transformative leader of the global steel industry,” concluded Eng. Al Remeithi.
Emirates Steel’s pavilion at ADIPEC, located in hall XX, will provide a chance for ADIPEC participants to view its expansive range of high quality products, many of which have been developed specifically for the oil and gas industry and meet the highest international standards of quality.
ADIPEC is hosted annually by the Abu Dhabi National Oil Company (ADNOC) and is one of the world’s largest and most influential oil and gas events that brings together industry stakeholders and experts to share knowledge and exchange ideas on a brighter future for the energy sector.