ID :
117503
Mon, 04/19/2010 - 16:01
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https://oananews.org//node/117503
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Emirates Steel targets Greenfield investment opportunities
Abu Dhabi, April 19, 2010 (WAM)- Emirates Steel, the largest integrated steel plant in the UAE, announced yesterday its plans for further growth, which include potential Greenfield investment opportunities and acquisitions. The announcement was made at CityBuild Abu Dhabi 2010 Exhibition, which is taking place at the Abu Dhabi National Exhibition Centre (ADNEC) from April 18 to 21.
Gregor M nstermann, CEO of Emirates Steel, said, "We believe that demand for steel will continue to grow in our region by some 10 per cent this year compared to 2009, as higher oil prices fuel optimism and provide funds for transport infrastructure and housing projects ."
A 10 per cent growth rate would put the Middle East region as one of the most attractive areas for investment in the steel industry especially that imports constitute nearly half of the steel consumed in the region - estimated at more than 40 million metric tons in 2009. "This means that there is still room for further expansion and new design capacities to fulfil local demand," he highlighted.
To date, Emirates Steel has committed to a capital investment of Dh9 billion (USUS$2.45 billion) in its Phase I and Phase II expansion projects. Phase I transformed the company from a simple steel processor to the first fully-integrated steel manufacturer in the UAE. Phase II involves the construction of a Heavy and Jumbo Sections Rolling Mill with a production capacity of one million tons per annum. The mill is scheduled for commissioning in early 2012. Based on its positive outlook for the future of the industry, Emirates Steel is looking at new markets within the region.
Gregor M nstermann, CEO of Emirates Steel, said, "We believe that demand for steel will continue to grow in our region by some 10 per cent this year compared to 2009, as higher oil prices fuel optimism and provide funds for transport infrastructure and housing projects ."
A 10 per cent growth rate would put the Middle East region as one of the most attractive areas for investment in the steel industry especially that imports constitute nearly half of the steel consumed in the region - estimated at more than 40 million metric tons in 2009. "This means that there is still room for further expansion and new design capacities to fulfil local demand," he highlighted.
To date, Emirates Steel has committed to a capital investment of Dh9 billion (USUS$2.45 billion) in its Phase I and Phase II expansion projects. Phase I transformed the company from a simple steel processor to the first fully-integrated steel manufacturer in the UAE. Phase II involves the construction of a Heavy and Jumbo Sections Rolling Mill with a production capacity of one million tons per annum. The mill is scheduled for commissioning in early 2012. Based on its positive outlook for the future of the industry, Emirates Steel is looking at new markets within the region.
