Steel firm grows profits by 20%

Oman-based Al Jazeera Products also grows sales by 13%; volumes up 15%

NEWS, Projects

Steel maker Al Jazeera Steel Products has announced that production grew by 15% in the nine months to September 30, reaching 232,234 metric tonnes.

The volume of steel sold increased by 16% to 229,760 metric tonnes, while the value of the steel sold grew 13% to $201.6m (OMR: 77.6m).

The net profit made by the company during the period grew by 20% to $8.5m (OMR 3.3m).

Last week, the company announced that the US Department of Commerce imposed an anti-dumping duty of 5.81% on products the company exported to the States between October 2010 and 2011 which it claims was sold into the country at below market value.

Al Jazeera Steel Products has already appealed against the decision to the International Trade Commission (ITC), which is expected to give its ruling on the matter next month.

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