Abu Dhabi, United Arab Emirates, 25 August 2010: Emirates Steel, the largest integrated steel producer in the UAE and a strategic steel player in the Middle East steel industry, yesterday signed a US$ 1.1 billion, seven-year project financing agreement with a consortium of seven conventional banks and two Islamic finance institutions. Emirates Steel is a subsidiary of the Abu Dhabi Basic Industries Corporation (ADBIC), which is wholly-owned by General Holding Corporation (GHC), an Abu Dhabi Government-owned company.

The project finance debt was raised through a US$ 367 million Islamic facility and a US$ 733 million conventional facility, each of seven-year tenor. The conventional banks consortium consists of the National Bank of Abu Dhabi, Union National Bank, First Gulf Bank, Bank of Baroda, Arab Banking Corporation, Al Khaliji France and Al Khalij Commercial Bank (Al Khaliji). The two Islamic finance institutions are the Abu Dhabi Islamic Bank and Al Hilal Bank. Natixis has acted as financial advisor and Denton Wilde Sapte as legal counsel on this transaction.

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About Emirates Steel
Emirates Steel, a subsidiary of Abu Dhabi Basic Industries Corporation (ADBIC), is wholly-owned by General Holding Corporation, an Abu Dhabi Government-owned company. Strategically located in the Industrial City of Abu Dhabi (ICAD), just 35 kilometers away from the heart of the city, Emirates Steel is the only integrated steel plant in the UAE, utilizing the latest steel manufacturing and rolling technology to produce reinforcing bar and wire rod.

Emirates Steel currently has an output capacity of 2 million metric tons per annum, with capacity expected to reach 3 million metric tons in 2011 through its AED 9 billion expansion plan. The many strategic alliances that the Company has established with leading technology providers, coupled with its state-of-the-art facilities, will enable Emirates Steel to maintain its position at the forefront of the industrial sector.

CONTACT
Majed G Taifour
Manager, Media and Communications
Emirates Steel
Mobile: +971 55 582 8596
E-mail: majed.taifour@esi-steel.com

© Press Release 2010