Emirates Steel Arkan (ESA), the Abu Dhabi-based publicly traded steel and building materials manufacturer, has partnered with Magsort, a Finnish decarbonisation company, over a large-scale industrial project in a bid to reduce carbon emissions.

The collaboration will initiate at ESA’s Al Ain Cement plant, where Magsort’s propriety technology will be applied to process steel slag, which will reduce limestone and fuel consumption, and will lower the carbon footprint by 15%.

Emirates Steel Arkan is one of the largest publicly traded steel and building materials manufacturers in the region. Image courtesy: ESA
Emirates Steel Arkan is one of the largest publicly traded steel and building materials manufacturers in the region. Image courtesy: ESA
Emirates Steel Arkan is one of the largest publicly traded steel and building materials manufacturers in the region. Image courtesy: ESA

Engineer Saeed Ghumran Al Remeithi, Group Chief Executive Officer, Emirates Steel Arkan, said such green solutions will help decarbonise the sector’s value chain.  

Earlier this month, ESA reported its full year (FY) 2023 financials, with a net profit rise of 18% to AED601.9 million ($164 million) compared to FY22.

The company said this increase was driven by robust sales of value-added products in both domestic and international markets, the consistent enhancement of revenues and profits in the Building Materials division, coupled with increased operational efficiencies and revenue optimisation.

(Writing by Bindu Rai, editing by Daniel Luiz)

bindu.rai@lseg.com