| 03 Jun 2009 |
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RAK Steel factory to expand production capacity by 50 per cent to 750,000 tonnes
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Unveils plans to become an integrated steel mill in line with RAKIARAKIA
's economic growth strategy for the emirateRAK Steel, an energy-efficient, environment-friendly steel manufacturing facility and a joint venture with Ras Al Khaimah Investment Authority (RAKIARAKIA
), has announced plans to increase by 50 per cent its current annual capacity of 500,000 tonnes of deformed steel reinforcement bars by the end of 2009 as part of a long-term strategy to cater to the gradual upturn in construction activities across the country. RAK Steel also revealed plans to become an integrated steel mill and has commissioned preliminary planning for the implementation of the expansion initiative.Ajay Aggarwal, CEO, RAK Steel, said: "There has been a gradual resurgence in construction activities across the UAE, buoyed by the continued growth in tourism and residential development projects in all emirates. RAK Steel has accordingly received a marked increase in demand and now we are running to full capacity; this has been a key factor that has motivated us to push through with our expansion initiatives."
"Furthermore, we believe that the entire country has managed to limit the impact of the global financial crisis through proactive government intervention and various forms of stimulus packages. In about two years, we expect the construction market to get back to pre-2008 levels and thereafter maintain a growth trend of around 5 per cent. Our expansion initiatives are part of RAKIARAKIA's grand design to cope with the present and future demand of the construction sector and ultimately complement the development initiatives across different industries, providing the backbone for a truly diversified and robust economy," added Aggarwal.
RAK Steel produces deformed reinforcement bars with diameter ranging from 8mm to 40mm in variable lengths of 6 to 18 metres to both British and American standards. The company uses the superior TEMPERIT process for manufacturing the rebars, which are certified by the Dubai Central Laboratory Department of Dubai Municipality for product quality and conformance to standards. RAK Steel has also secured certification from CARES, a non-profit organisation based in the UK whose quality certification is recognised worldwide. The UAE is currently RAK Steel's primary market, while it also exports its products to Oman, Saudi, Bahrain, Qatar and Iran.
The continued growth of RAK Steel is a manifestation of RAKIARAKIA's success in transforming Ras Al Khaimah into an investment magnet as RAKIARAKIA has attracted over USD 2.2 billion in foreign capital from international companies that have set up businesses in the emirate. Furthermore, RAKIARAKIA is responsible for promoting the development of the Industrial Zone and the Free Zone in Al Hamra, and the Industrial Park in Al Ghayl, where RAK Steel is located.
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© Press Release 2009
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