Abu Dhabi, Emirates Steel recorded a nearly 50% increase over the past two years in the number of its export markets in Europe, America, Asia, and the Middle East and North Africa.
The expansion of Emirates Steel’s export footprint to 56 countries in 2021 compared to 38 in 2019 is part of the company’s strategy to diversify its sources of revenue through its marketing channels, improve its agility and enhance the competitiveness of UAE products under the unified brand identity of ‘Made in the Emirates.’ In 2021, Emirates Steel’s exports represented 45% of its total sales volumes, with the balance sold within the UAE, where the company maintains a 60% market share.
Emirates Steel has a capacity of 3.5 million tonnes per annum, which is enough to meet the domestic market’s needs of high-quality rebar, wire rod, heavy sections and sheet pile.
This allows Emirates Steel to contribute to the UAE’s sustainable industrial development and economic diversification by boosting its exports, the company said.
Emirate Steel’s expansion strategy is aligned with the objectives of the National Strategy for Industry and Advanced Technology ‘Operation 300bn’, which aims to increase the contribution of the industrial sector to the country’s GDP from AED 133 billion to AED 300 billion by 2031, it added.
“Expanding our exposure to global markets is a pillar of our robust growth strategy to fulfill the complex and evolving needs of steel customers around the world by providing quality, durable and customized products in such an ever-changing global supply chain environment. One of the main advantages that enabled Emirates Steel to successfully expand its markets is its extremely low carbon footprint production facilities,” said Group CEO of Arkan and CEO of Emirates Steel Saeed Ghumran Al Remeithi.
Emirates Steel is the largest producer of heavy and jumbo sections and the only producer of hot rolled sheet piles in the region. It is the fourth steelmaker in the world to receive the ASME accreditation to produce nuclear grade rebar.
Source: Bahrain News Agency