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The project is phase II A of of Adbic's plan to expand its steel rolling operations in UAE to reach a capacity of 6.5 million tons per year.
The project includes a DRI plant and meltshop which will be identical to those in the first integrated complex but the caster will produce beam blanks and blooms.
The project will also cover the short fall of about 400,000 tonnes of steel billets that is required for the existing rolling mills.
Phase II (A & B) will cost areound USD 1.6 billion dollars.
The gas will be supplied by Abu Dhabi National Oil Company.
Current Status
In September 2009, 52% of the project construction works were completed.
In June 2011, the project is expected to be completed.
Previous Events
In July 2009, civil works were completed and erection of structural steel started.
In 2008, construction started.
In February 2008, a USD 700 million EPC contract was awarded to Danieli & Company of Italy.
Scope of Work
Construction of: - 1.6 million t/y DRI plant - 1.4 million t/y Melt shop/Cast to produce the semis (bloom 250 mm2 and beam blanks 280x220x90mm, 400x320x100mm and 610x320x100 mm)
Financing Source
Phase II will be financed on a 60:40 debt equity ratio.
France's Natixis is the financial adviser.
In September 2009, ESI announced that the company rolled over the USD 700 million bridge loan, coming due in 2009, to the end of August 2010, and will seek USD 600 million in debt from the market at the start of 2010. ESI requested a roll over bridge loan of USD 700 million but received USD 850 million in credit. Italian export credit agency Sace is providing debt financing alongside a consortium of local banks.
In July 2009, ESI was working to extend the USD 700 million short-term loan by a further nine months.
In May 2008, ESI raised USD 700 million through an 18-month loan from seven banks. The loan was provided by the UK's HSBC, France's Natixis, National Bank of Abu Dhabi, Bahrain's Arab Banking Corporation, Japan's Mizuho, and Germany's HVB/Unicredit Group.
Contract Package | 
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