Emirates Steel sales revenue rises by 135%

Abu Dhabi, Oct 16, 2008 (WAM) - The sales revenues of the Emirates Steel Industries (ESI), owned by Abu Dhabi Basic Industries Corporation (Adbic), have more than doubled in the first nine months of this year, with an increase of 135 per cent over the same period last year according to a report in “Emirates Business 24|7.”

Announcing the third-quarter financial results of ESI, Chairman Hussain Al Nowais, who is also Chairman of Adbic, said the company achieved a total sales revenue of Dh3 billion by the end of the third quarter compared to last year's figure of Dh1.3bn for the same period. "This number is expected to further grow, in the light of the real estate boom in the UAE, particularly in Abu Dhabi," he said.

Al Nowais said total production of ESI to the end of the third quarter of this year reached 770,000 tonnes, compared to 540,000 tonnes in the same period last year, achieving a growth of 43 per cent in production.

ESI, which is undergoing Dh16.6bn expansion, commissioned the rolling mills included in its first phase of extension to meet growing demand for iron and steel in local and regional markets, and has increased its production capacity to 1.8 million tonnes annually.

Saeed Al Rumaithi, Assistant Vice-President of Operations, said ESI is on target to increase production.