Emirates Steel increased its annual revenue by 8 per cent in 2013 to AED6.5bn ($1.8bn), driven by an increase in production, the Abu Dhabi-based steel producer announced on 16 February.
The company increased its production of long products by 12 per cent to 2.6 million tonnes, including 1.7 million tonnes of reinforcing bar (rebar), 316,000 tonnes of structural steel and 573,000 tonnes of wire rod.
In spite of the difficult market conditions our business continued to grow and enter new markets, delivering a solid performance in 2013, said Saeed al-Romaithi, CEO of Emirates Steel.
The GCCs construction sector is becoming more stable, which will drive the demand for steel. But more importantly, the multibillion-dollar infrastructure projects planned across the region will be the main driver and the cornerstone of the regions economic growth in the coming years.
In May 2013, the company exported its first shipment of structural steel to the US and Mexican ports of Houston and Altamira, expanding exports from its core markets of the GCC, India, East Asia and Africa.
Emirates Steel also made its first delivery of UAE-produced nuclear grade reinforcing steel to Baraka the UAEs nuclear power plant development with further orders expected to be placed over the next seven years.