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MediaIn – Rasha Al – Sharqawi 5 March
Emirates Steel Company has unveiled its strategy and future plans over the next five years, which will be based on an expansive approach to enter new markets based on the quality and quality of its products.
Saeed Al Rumaithi explained that the company recognizes the importance of strategic planning for the near future as well as the long term growth and expansion. He pointed out that during the next five years, the company will continue to provide high quality products at competitive prices that will provide the best value for its customers around the world.
Al Rumaithi said: “We will increase the volume of sales and reduce the cost of production according to a well thought out mechanism aimed at improving financial performance.” The company has implemented a number of cost control measures to enhance efficiency and ensure continuous readiness of manufacturing units. (Excluding raw materials) increased by 37% from 2012 to 2017.
The cost per ton of steel fell by 25% in the same period. Wood Mackenzie conducted an independent benchmarking exercise, resulting in the UAE Steel Company’s first-quarter rating of the world’s most efficient producers.
Al Rumaithi referred to Wood Mackenzie’s report, which stated that Emirates Steel has succeeded in taking the necessary steps to expand into the most important high growth markets such as the markets of heavy structural sections and steel slabs, which will positively affect the increase in production diversification, Competitive risks, as well as increased financial performance.
