Emirates Steel increase market share in 2010
Production up 17.5% and sales swell by 120% during 2010 says company
Emirates Steel has registered a 17.5% rise in production and 120% rise in sales for 2010, according to a report issued by the company.
According to figures released yesterday by the company, rebar production increased by 7.5% in 2010 compared to 2009, while the output of wire rod went up by a significant 64.5%.
Billet production increased by 150% in 2010 compared to the last three quarters of 2009, while the production of direct reduced iron (DRI) went up by 640% in 2010, compared to the last quarter of 2009.
Emirates Steel's Melt Shop commenced production in March 2009, while the Direct Reduction Plant was commissioned in October 2009.
Gregor Munstermann, Emirates Steel's CEO, said, "These are significant increases in our production and sales volumes considering the challenges faced in our local and regional markets.”
"The construction sector is the primary consumer of our rebar and wire rod products," he added.
"Our objective is to be one of the leading regional companies in steel making. To reach this goal, we are working hard to eliminate bottlenecks in production; like most steel makers, we have to operate our facilities at or near full capacity to make an acceptable profit," he said.
The company sells around 80% of its finished products in local markets, while the balance is exported to Jordan, Saudi Arabia, Kuwait, Oman, India, China, the Far East and Pakistan.