- UAE steelmaker produced 2.6 million tons of rolled products in 2013
- Total shipments, including by-products, at 3.0 million tons
- 624 training courses offered to UAE nationals in 2013
Abu Dhabi, United Arab Emirates, 16 February 2014
Despite sluggish demand levels across the global steel industry, excess steelmaking capacity in the world markets and continuing volatility in raw material cos., Emirates Steel, a Senaat portfolio company, fared well in 2013 with its revenues hitting AED 6.5 billion (c. USS 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 mbar, 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 Rad= in 2013, of which 1.9 million tons were sold in the domestic UAE market. The balance was exported to a diverse range of malice., 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 AI 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 7.396; to reach 69 million tons. HE AI 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.