Bahrain steel industry contributes 4% of GDP

Manama, Mar. 31 (BNA): Regional and global leaders from the world of iron ore mining, steel industry and the shipping sector gathered to attend a conference held by Bahrain Steel Company marking its 30th anniversary. The event brought together more than 100 senior industry experts and financial leaders, including the company’s bankers and technical partners, on March 30-31. Khalid Al Bassam said, "We are delighted to be able to host such a distinguished group of senior figures from the regional and international industry. They represent mining companies, steel producers and shipping firms; in other words, covering the full range of the iron and steel industry. "We are forecasting a major increase of production by Bahrain Steel to 11 million tonnes a year, compared to the previous years. So, it is a valuable opportunity to share our plans with our partners, suppliers, customers and the shipping industry. "Thirty years of production is an important celebration for Bahrain Steel. This milestone represents not only what we have achieved over the past three decades, but also our standing in the regional and international iron and steel business. We are, today, the world’s largest merchant pelletiser, meaning that unlike other pellet producers, we are independent from any iron ore mine, and are free to choose the most suitable ores from around the world to produce the pellets required by our customers." He added, "We are also delighted to use this opportunity to announce a new 20-year iron ore supply agreement to be signed with Anglo American Marketing Limited (AAML). Guaranteed iron ore grade to be supplied is 67% Fe and 2% gangue. Since the beginning of 2018, the Company and AAML have worked together to place their relationship on a new and stronger commercial and co operative footing. The new iron ore supply agreement will replace the 2012 agreement. Dilip George said, "The negotiations and the drafting of this new agreement are now in the end stages of completion, and the new agreement is expected to be finalized and signed, at a ceremony next month. "The success we are celebrating at this event and the continued expansion of Bahrain Steel’s activities is also an important milestone for the Kingdom of Bahrain, which has provided a strategic location and an enabling environment for our success. Over three decades, we have exported Bahraini made products around the world, flying the Kingdom’s flag, and have also trained hundreds of Bahrainis under our skills development programmes, many of whom have taken up senior position in the Foulath group companies or have gone on to senior positions in other industrial organisations in Bahrain. We are very proud of our contributions to the economy and social fiber of the Kingdom, especially our position as an incubator for Bahraini talent," he said. Bahrain Steel employs 465 members of staff, roughly 46% of whom are local nationals.. The average length of service among Bahrainis who stay at Bahrain Steel is 11 years. Over the years it has run a graduate development programme for Bahrainis which has turned out hundreds of experienced, skilled individuals. It is estimated that the Company and its sister organisations contribute 4% to Bahrain’s GDP and is one of the biggest employer in the country In the past year, Bahrain Steel produced 8 million tonnes of iron ore pellets, gaining a 26% market share in the GCC and an enviable record for quality output. The pellets are supplied to steelmakers throughout the world but the key focus is the GCC market which has an estimated demand of 22 million tonnes.