Abu Dhabi: Emirates Steel on Tuesday revealed that its production for the first nine months of 2018 had reached 2.4 million tonnes.
The UAE’s consumption of reinforced steel is expected to fall by 15% to 3.4 million tonnes by the end of 2018 compared to last year, Emirates Steel’s CEO Saeed Ghumran Al Remeithi projected, citing lower market liquidity and fewer new projects as the reasons for this forecasted decline.
Despite the ongoing challenges in the UAE market, there are several positive indicators in the construction sector, the top official noted, adding that in the third quarter of 2018, the market witnessed 425 project awards worth a combined $12.4 billion, a 19% increase from the previous quarter.
At Emirates Steel, we seek to increase our presence and participation in such projects by developing our steel products to meet our current and prospective customers’ needs, Al Remeithi added.
It is worth noting that Emirates Steel, a subsidiary of General Holding Corporation’s (SENAAT), is taking part in the Big Five 2018 expo at the Dubai International Financial Centre (DIFC) between 26 and 28 November.
In 2017, Emirates Steel succeeded in increasing its output to 3.2 million tonnes compared to 2016’s 3.1 million tonnes.
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