ABU DHABI (Scrap Monster): The company has reported that, the demand for steel is increasing per year at a rate of 3.3 percent, and that, the growth of demand is not just confined in UAE, but also expanded to Russia, China, Nort Africa and Brazil.
Value Added Products in the category of steel may include, high silica wire rod, short piles, alloy steels and long steel bars.
Saeed G Al Romaithi, the Emirites Steel’s CEO stated that, the company has been noticing the growth of profit gained by other manufacturers, based on the production of Value Added Products. He also stated that, the company is confident that, after the introduction of this line, they can keep up with growing industry.
Even though the company exports most of its high value added steel, it will also distribute the product domestically.
The company expects the demand for the product in GCC will increase to 2.65 million tons and the demand for the products in middle east region will increase to 3.85 million tons by the year of 2018.
To keep up with the growing margins, the company is moving from commodity based steel to high grade steel.
The company is now providing steel for the construction of offshore oil rigs, which was being imported in earlier days. It now also provides high valued steel to nuclear power plants, through a project joined with the Emirates Nuclear Energy Corporation.
The Emirates steel is owned by the Senaat, UAE’s largest industrial group and the collection which plays an important role in the government’s Industrial Diversification Policies.
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