Emirates Steel Increases Revenue 8% to $1.8 Billion in 2013

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Emirates Steel (ES) (Abu Dhabi, United Arab Emirates) reported solid growth in 2013, despite sluggish demand across the global steel industry, excess global steelmaking capacity, and volatility in raw material costs. The company reported revenues of $1.8 billion, which was about 8% up from 2012.

Long-product production in 2013 reached 2.6 million tons, a 12% increase over 2012. The production included 1.7 million tons of rebar, 316,000 tons of structural steel and 573,000 tons of wire rod.

ES sold 3 million tons of product in 2013, of which 1.9 million tons were sold in the United Arab Emirates (UAE) domestic market. The balance was exported to a wide range of markets, including the U.S.

In the Middle East - North Africa (MENA) region, the World Steel Association (WSA) expected steel demand to grow 1.7% to 64.3 million tons in 2013, following 2.2% growth in 2012. The WSA forecasts steel demand in the region in 2014 to grow 7.3% to 69 million tons.

ES Chief Executive Officer Saeed Al Romaithi said that 2013 was an important year for rationalization, with professional education to UAE nationals and more than 624 training courses offered. The number of nationals increased to 19% of the workforce; the number is expected to reach about 30% in 2018.

For related information, see February 4, 2014, article - World Expo, World Cup Puts Shine on GCC Steel Fabricators, and September 20, 2013, article - Emirates Steel Makes the 'Nuclear Grade' with 5,000 Ton Q Class Rebar Shipment.

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