Bahrain - 17 January 2012: BNP Paribas Corporate and Investment Banking has been mandated by Emirates Steel Industries (Emirates Steel) to advise on the structuring and debt financing for a USD 0.8 Billion expansion project within the Mussafah Steel Plant, Abu Dhabi. Emirates Steel a subsidiary of General Holding Corporation ("GHC").

This initiative falls within the context of the continuing economic diversification in the Emirate, and contributes towards the Abu Dhabi Vision 2030 in that it promotes the further development of the Emirate's steel industry.

The project will see the further development of the world-class integrated steel complex with the construction of the "Phase III" expansion project, which will provide new production facilities to be constructed alongside Emirates Steel's existing manufacturing assets, located within the Industrial City of Abu Dhabi, Mussafah. The Project will utilise surplus direct reduced iron ("DRI") produced in the Phase 1 and Phase 2A facilities and will also draw upon internal and externally sourced scrap to produce the feedstock for the new phase.

Emirates Steel awarded the mandate to BNP Paribas following a rigorous process which highlighted the Bank's strength and proven track record within energy and commodities and the advisory arena.

-Ends-

BNP Paribas has been operating in the Middle East and Africa for over 35 years with a presence in five Gulf countries (Bahrain, United Arab Emirates, Qatar, Kuwait and Saudi Arabia). Teams also cover Oman, Yemen and more recently the African continent.

BNP Paribas (www.bnpparibas.com) is one of the best rated banks in the world*. The Group has a presence in more than 80 countries and more than 200,000 employees, including more than 160,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking.

In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across the Europe-Mediterranean zone and boasts a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia.

*Rated AA- by Standard & Poor's.

About Emirates Steel
Emirates Steel is a direct subsidiary of Abu Dhabi Basic Industries Corporation (ADBIC) which is, in turn, wholly-owned by the General Holding Company (GHC). Strategically located in the Industrial City of Abu Dhabi (ICAD), some 35 kilometers away from the heart of the city of Abu Dhabi, Emirates Steel is the only integrated steel plant in the UAE, utilizing the latest rolling mill technology to produce reinforcing bar and wire rod. Established in 2001, Emirates Steel is currently implementing a comprehensive business development plan. Once complete, the Company will be one of the largest and most competitive steel producers in the Gulf Cooperation Council (GCC) region. The Company is evolving from its roots of being a simple and relatively low value-added processor of steel into a sophisticated, highly productive manufacturing business with a high added value business model. Furthermore, it will be among the few regional steel producers with a diversified product range, including rebar in both straight and coil form, wire rod, sections, plate, seamless pipe, longitudinally welded pipe, hot rolled coil and semi-finished products, such as billets and direct reduced iron. 

Press Release 2012