AED 7.5 billion revenues for Emirates Steel in 2018

Media in\ Abu Dhabi – 2019-02-26 – WAM
Emirates Steel achieved AED 7.5 billion in revenues last year, up 15% from AED 6.6 billion in 2017, an increase of 44% in EBITDA to AED 1 billion compared to AED 678 million in 2017.
The company also reduced the ratio of debt to assets by 9% from 56% in 2017 to 47% in 2018.
Eng. Saeed Ghamran Al Rumaithi, CEO of Emirates Steel Company, said at a press conference today at the company’s headquarters in Abu Dhabi that the total production capacity of the company during the past year reached about 3.1 million tons in proportion to its production capacity during 2017 distributed by 2.514 million tons in local markets and 631 thousand tons In the markets outside the country, which reflects its strong presence in the domestic markets within the state, while the total production of the reinforcing steel bars about 2.1 million tons. The company also manufactured 500 thousand tons of iron wire coils and 600 thousand tons of heavy construction sections.
Despite the challenges faced by the iron and steel sector globally over the past year, the company has achieved very positive results and is a clear indication of the success of the company’s sustainable growth strategy. We are intensifying our efforts to strengthen and establish our position as a world-class company. Iron and steel industry and providing solutions and services in accordance with the highest standards and international quality standards.
Al-Rumaithi expected more challenges this year, including the slowdown in the construction sector in the region, the rise in iron ore prices, the drop in sales prices, market volatility and protectionism in the global markets, pointing out that the success of the company’s strategy and its ability to provide products that meet the highest quality is reflected through levels The growing demand for UAE Iron products in the global markets.
Eng. Saeed Ghamran Al Rumaithi, Emirates News Agency (WAM) said on the sidelines of the conference that the UAE Steel Company operates in more than 40 countries around the world, which has acquired 20% of the total sales of the company, which plans to enter 5 new markets during the current year. The state accounts for about 80% of the market, accounting for 60% of the local rebar market and 69% of the construction market in the country.
He added that the company is currently working on a strategic plan for external expansion will be announced during the current year, noting that the company’s exports to the United States of America estimated at 3% of the total production of construction sections and panels.
He pointed out that the percentage of citizens constitute about 21% of the total workforce in Emirates Iron and 70% of the executive management team in light of the company’s plans to increase the total Emiratisation rate to 23% by the end of this year in order to enhance the status of citizens and their role in the growth of the company The economic vision of the country, where the company has more than 2,200 employees in all departments and facilities and the total employees of the company of UAE nationals about 500 employees.
In the signing of agreements and contracts, the UAE Steel Company signed a contract last November to supply iron ore pellets with Brazilian company Valle, the world’s largest producer of iron ore concentrates. The contract will last until 2021. Under the contract, UAE Iron Iron is a competitive and stable price. The annual requirements of UAE iron ore, which is the raw material of the company’s products, are estimated at about 6 million tons.
In July 2018, Emirates Steel signed a 10-year contract with Phoenix Services to work on the iron dust collection project. Under the contract, Phoenix will collect the by-products of the UAE Steel / Smoke, minutes of iron ore pellets, direct reduced iron and direct reduction precipitation / conversion into reusable reactors and entry into the company’s smelting facilities.
Phoenix Services will build a dedicated dust collection facility that is expected to be completed during the second quarter of 2008. The project is expected to contribute to the preservation of the environment and enhance the efficiency and efficiency of the company’s production and operations operations.
In addition, Emirates Iron has partnered with DuPont Sustainable Solutions to enhance its performance in the field of health, safety and environment.